Direct yuan trading starts in London

Direct trading of the yuan and pound started in the UK on Wednesday as London stole a march on European rivals seeking to deal in the world’s second-largest trade currency after the US dollar, Bloomberg reported. While four other nations had already signed such accords with China, the UK’s deal yesterday made it the first European country to do so. London has been competing with cities including Frankfurt to become Europe’s offshore yuan hub. China is seeking to strengthen commercial relations with European countries.