London RMB FX volumes jump in 2013, deposit growth slower

London's future as a renminbi business centre will be firmly rooted in its traditional strengths of FX and risk management, to judge by the data released by the City of London Corporation's annual survey of RMB activity on Tuesday. RMB deposit growth was lacklustre, at 23%, and while retail corporate and interbank deposits were all up, a third consecutive fall in private banking deposits means that overall volumes are still below 2011. FX activity, however, told a different tale, with sharp increases.