BOC, City of London co-host China-UK RMB seminar in Beijing

The Bank of China, or BOC, and the City of London co-hosted the China-UK RMB Seminar in Beijing on June 15, where a soft launch of the London RMB Business 2026 Report was held.

Nearly 50 representatives from government, regulators, and the financial and corporate sectors of both countries attended.

Participants discussed cross-border renminbi, or RMB, developments, London's offshore RMB market achievements, RMB clearing and payment infrastructure, and financial institutions' support for corporate internationalization.

Representatives from institutions including the People's Bank of China, or PBOC, the Cross-border Interbank Payment System Co, or CIPS, BOC, and HSBC shared updates and case studies, highlighting the role of RMB internationalization in facilitating trade and investment, enhancing cross-border financial services, and supporting high-quality China-UK business development.

During the event, the City of London previewed the London RMB Business 2026 Report, which was jointly led by the City of London and PBOC's Representative Office for Europe, with BOC as a core contributor. The report reviews the progress, challenges, and outlook of London's offshore RMB market.

BOC, as the first Chinese bank to establish a presence in the UK, has served the market for nearly a century and continues to act as a financial bridge between the two countries. In recent years, it has worked with partners in both markets to support London's offshore RMB development, promote RMB internationalization, and reinforce London's role as a leading global financial center.

As the only Chinese founding member of the London RMB Expert Advisory Group established by the City of London, BOC has leveraged its specialized centers in syndication, commodities, trading, and debt capital markets to expand RMB product offerings and facilitate its use in the UK market.

The bank has also advanced financial infrastructure connectivity by participating directly in CIPS and CHAPS, the UK's high-value payment system, and by serving as a settlement and custodian institution for major financial market infrastructures in both China and the UK.

Since assuming its role as the RMB clearing bank in the UK in February 2026, BOC has reported steady growth in RMB clearing volumes and transaction activity, supporting the development of London's offshore RMB market.

The bank said it will continue to deepen cooperation with partners in China and the UK to support the development of London's offshore RMB market.