BNY Mellon has predicted that London and Singapore will become the two dominant offshore hubs alongside Hong Kong by 2020. With the impact of the RMB on the global currency landscape expected to soar in the coming years, competition for offshore RMB business is getting fiercer as financial centres seek to capitalise on its growing potential. BNY Mellon believes that both London and Singapore’s market share will surge forward and break away from the pack, joining Hong Kong to make up the top three RMB offshore centres. Following Moorgate’s outreach, the news has been published in a number of target publications, including FX-MM, Banking Technology, gtnews, TXF, FTSE Global Markets, Treasury Today, GTR, EuroTreasurer, FX Week and Profit & Loss.
BNY Mellon’s full announcement can be read here