The conference audience was the right one from which potential whistleblowers could be drawn: It included representatives from offshore entities, high-net worth individuals and others who have information about offshore strategies, including attorneys, judges, trustees and businesses from the Cayman Islands, the British Virgin Islands, the Bahamas and other offshore financial centers.

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The City of London is gaining an edge in the race with other global financial centers to snatch a slice of offshore trade in the yuan, also known as renminbi.

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But London is growing faster than other financial centers, such as Singapore, as a hub for offshore yuan payments, including payments for currency trading, imports and exports, and dim-sum-bond settlements.

WSJ: Dim Sum Bonds Get Western Flavor

Chinese financial institutions could just as easily be acquiring dollar debt through offshore banks or other global money centers, mainly through London.

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Offshore finance and information services are important foreign exchange earners and thrive from having the same time zone as eastern US financial centers and a relatively highly educated workforce.

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