Theresa May today announced the launch of R5-SHCH Connect, a new service which links banks in China with London’s foreign exchange (FX) market.
Part of the Belt and Road financial infrastructure initiative, this represents a significant progression towards closer financial market activity between the two nations.
Mrs May announced that the service was live whilst in Shanghai, as part of her first visit to China as Prime Minister. R5 was invited to join the delegation of British businesses on the Prime Minister’s visit, which includes HSBC, LSE, BP, Standard Chartered and Standard Life Aberdeen.
Using R5-SHCH Connect domestic banks in China now have access to the London FX market, recognised as the leading centre for global FX trading. The new service is a partnership between London’s R5 and the Shanghai Clearing House, announced by UK Chancellor Philip Hammond in December as part of the 9th UK China Economic Dialogue.