Freshfields Bruckhaus Deringer, has advised China Construction Bank Limited, the UK subsidiary of China Construction Bank (China’s second largest lender), on the establishment of its UK renminbi (RMB) clearing operations. China Construction Bank Limited is the first and only UK RMB clearing bank to be officially-sanctioned by the People’s Bank of China. This consolidates London’s position as a leading RMB centre, at a time when financial capitals around the world are vying for a slice of the fast-growing offshore RMB trade.

The Freshfields team comprised partners Alan Newton and Michael Raffan and associates Cyrus Pocha, Charlotte Yan and Zhen Jin.

Alan Newton commented: “It is a significant step in the cross-border use of the RMB for trade, investment and other economic activities, which will help UK firms to clear and settle their RMB activity within the London market.”