Bank of China gets yuan mandate in Frankfurt

The central bank said on Thursday that it had designated Bank of China Ltd as the first yuan-clearing service bank in Frankfurt, the latest step in the nation's drive to bolster international use of the currency.

The move came a day after China Construction Bank Corp was designated as the first yuan-clearing bank in London.

In a statement on its website, the People's Bank of China appointed Bank of China as the first bank in the euro area able to clear payments in the Chinese currency.