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City of London’s $10 Trillion Chinese Hub Plans for Growth

  • China Construction Bank is U.K.’s sole renminbi clearing bank
  • CCB’s U.K. boss expects growth even as U.K. and China clash
Yang Aimin in the City of London, on Jan. 18.

Yang Aimin in the City of London, on Jan. 18.

Photographer: Hollie Adams/Bloomberg
Updated on

The U.K.’s relations with China may be at a low ebb but China Construction Bank Corp.’s City of London outpost is banking on ever closer financial flows between the two countries.

The branch is the sole renminbi clearing bank in the U.K., making it an essential conduit to potentially staggering flows of Chinese money and investment. It has cleared some 64 trillion yuan ($10 trillion) of transactions since 2014 -- the largest volume outside of Asia -- and its top U.K. executive is planning for growth.