Investment banks in London are reporting substantial growth in trading China’s offshore currency, as more multinational companies use the renminbi to trade with the world’s second-largest economy.
Companies were increasingly paying Chinese trading partners in the offshore version of China’s currency to cut costs, bankers said, even though China has yet to relinquish full control of its tightly monitored currency.
The renminbi remains a niche currency in global financial markets, with restrictions on how much can be traded freely.
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