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Renminbi marketing blitz planned
The UK, China and banks with big operations in both countries are planning a marketing blitz to encourage firms to take advantage of new freedom to settle trades in renminbi, Beijing’s currency. At a meeting of the London Forum, which includes government representatives and envoys from HSBC, Barclays and Standard Chartered among others, discussion focused on how businesses could be encouraged to make use of extended trading hours and how banks could improve infrastructure such as indices and boost liquidity by getting brokers to offer more renminbi products.