Capital's trading center riding on wave of 'golden era' optimism

The Bank of China says its London trading center, which opened one year ago, has ushered in a "golden era" of its own, thanks to deepening cooperation between China and the United Kingdom and the renminbi's internationalization.

The London trading center has reported that its combined transaction volume has exceeded $70 billion, since it was launched last October, during President Xi Jinping's official visit to the UK.

The new center, which is well-placed for seamless connection between Beijing, Hong Kong and New York, provides quotation and trading services, as well as a range of products - including fixed income, commodities, foreign exchange and other derivatives contracts.

"The establishment of the London trading center makes BOC the first Chinese bank to offer round-the-clock and continuous quotation and trading services," said the company's spokesman."It is an important step in BOC implementing its globalization strategy."

The success came at a time when the UK voted in the June referendum, by 52 percent to 48, to leave the European Union.

"During those periods of elevated market volatility, the London trading center provided continuous quotation, trading and risk-hedging services to clients, and ran the business soundly and orderly," he said.

The London center also leveraged its advantages to deliver timely market insights, the bank added.

The commitment comes as London has become the world's second-largest of shore RMB center, after Hong Kong.

"The London trading center has been playing an active role in marketing RMB products and facilitating of shore renminbi transactions," added the spokesman.

He noted that the Bank of China will look to further cater to the needs of corporate clients and investors across the world with its expertise and resources.