BEIJING - China's central bank announced on Thursday that it has authorized the Bank of China (BOC), one of China's big-four banks, to be the clearing bank for renminbi (yuan) business in Frankfurt.
The work will be undertaken by the BOC Frankfurt Branch, the People's Bank of China (PBOC) said in a statement on its website.
The PBOC made the decision in accordance with a memorandum of understanding (MOU) it signed with the Deutsche Bundesbank on March 28.
The MOU is expected to help turn the German city into an offshore?yuan center.
Frankfurt is one of the most important financial hubs in Europe and the seat of two central banks -- the Bundesbank and the European Central Bank.
 |
 |
| France leads eurozone in offshore RMB payments? | Clearing facility to support London's renminbi business |
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 20100000002731 
