Shanghai Clearing House to start operations in London

Shanghai Clearing House will launch China's first-ever cross border foreign exchange clearing platform with a London partner next month to support China's further capital market liberalization and renminbi internationalization.

Announcing the news in London on Tuesday, Shanghai Clearing House said it will launch the platform in partnership with the London-based R5FX, which is a clearing platform for emerging markets' foreign exchange trade.

While Shanghai Clearing House will provide trade clearing infrastructure within China, R5FX will provide clearing infrastructure in London and other international markets in which it operates.