UK, China to sign historic currency clearing deal
By Cecily Liu in London | China Daily | Updated: 2014-03-28 08:45
Competition fierce to be first non-Asian yuan settlement service
Britain and China will sign an agreement on Monday to work on setting up the first clearing and settlement service for renminbi trading outside Asia, Britain's Treasury said on Wednesday in a statement.
Financial sector experts in London have welcomed the news, hailing it as a milestone in boosting London's advantage in the contest to become the Western hub for offshore renminbi transactions.
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