Trade strengths give Paris the edge in RMB race

France set off in pursuit of the prize of becoming a global offshore renminbi (RMB) centre this week when the first offshore RMB bond to be issued, listed and cleared in Paris was launched on Tuesday. France is also set to have its own RMB clearing bank soon as it hopes its strengths in areas such as trade with Africa and eurozone bond issuance might give it an edge in the rising competition among European capitals to become the leading RMB hub.