London leads global peers in offshore yuan trading

London is the world leader while now accounting for nearly half of all offshore RMB foreign exchange trading, thanks to the currency's increasing internationalization, a report published on Thursday said.

The fourth London RMB Business Quarterly produced by the City of London Corp in partnership with the People's Bank of China, the country's central bank, showed that in the first quarter of 2019, the average daily trading volume of the Chinese currency in London was more than 78 billion pounds ($94.6 billion), up 30 percent year-on-year.

The UK capital now accounts for 44.46 percent of total global RMB foreign exchange transactions.