BEIJING - China's central bank announced on Wednesday that it has authorized China Construction Bank (CCB), the country's second-largest commercial bank, to be the clearing bank for?yuan businesses in London.
The work will be undertaken by China Construction Bank (London) Limited, a wholly-owned subsidiary of CCB, 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 Bank of England on March 31, the statement explained.
The MOU covered?yuan clearing and settlement arrangements in London, aiming to facilitate the use of yuan by banks and other firms in international transactions and to support global trade and investment.
China's central bank said in the MOU that it would appoint the clearing bank for London?yuan businesses at a later date.
Chinese Premier Li Keqiang said in a meeting with British Prime Minister David Cameron on Tuesday that the two countries need to advance financial cooperation, realize direct trading of their currencies, set up an?yuan clearing bank and open branches of Chinese banks in Britain.
 |
 |
| China Construction Bank looks to Europe for deals | 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 
