London’s lead in the global currencies-trading business is being eroded, with the rise of the renminbi as the world’s most heavily-traded emerging market currency tilting volumes towards Asia.

The UK capital’s share in the crucial but scandal-tinged business dropped for the first time in more than a decade, down to 37.1 per cent from nearly 41 per cent in 2013, according to a new benchmark survey from the Bank for International Settlements.

The three biggest Asian trading hubs — Tokyo, Hong Kong and Singapore — captured much of London’s loss with their combined share swelling to 21 per cent from 15 per cent, underscoring the growing importance of Asia, and of China in particular, in global trade. New York retained its second place with a slight increase to 19 per cent.