According to source, Russian forex broker Alpari concludes its interest payments on clients’ deposits.
Alpari clients were informed via a note that from May 1, 2016, that the program of payment of interests will be concluded and April is the last month when they can expect interests on their deposits. The last day of calculation shall be April 29.
This program of Alpari started during the previous year in March, just two months after well-known problems of Alpari UK, hit by the Swiss National Bank move on EUR/CHF from January 15, 2015. Although not being hurt by its UK sister, Russian Alpari took these measures to avoid hysteric withdrawals of clients from their accounts after the news of Alpari UK bankruptcy.
Nevertheless, Alpari is still on of the mostly preferred brokers in Russia, conversely to other countries. Broker has already lowered the maximum interest rate from 10% to 8% in December, as working in a low-rate environment.
UK the second largest RMB Offshore centre
The latest SWIFT’s RMB tracker showed that the United Kingdom has become the second largest offshore RMB clearing centre, as the UK’s renminbi payments value jumped by 21% in two years (from March 2014 to March 2016).
The United Kingdom remains behind Hong Kong, which is naturally the absolute No. 1 in this case with 72.5% processing 72.5% of all RMB payments. Singapore keeps close to the United Kingdom, even surpassing it in February 2014, but the trend started to favour UK from January 2016. United Kingdom holds the second place with a share of 6.3% and Singapore with 4.6%.
SWIFT report confirms that 40% of all payments made between United Kingdom and China/Hong Kong are exchanged in renminbi.
Stephen Gilderdale, Managing Director, UK, Ireland & Nordics at SWIFT, stated,
“Since the China Construction Bank (London branch) became a clearing bank in the United Kingdom in June 2014, there has been a steady growth of RMB payments between the United Kingdom and China/Hong Kong. Offshore RMB clearing centres are driving greater use of the currency in global trade, and countries such as the United Kingdom, are reaping the benefits.”
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