The UK has stepped up its efforts to attract Chinese investment by agreeing with Beijing to the creation of a renminbi clearing bank in London.
The Bank of England and the People’s Bank of China (PBoC) are to sign an agreement on renminbi clearing and settlement in the UK capital on Monday. A designated clearing bank will be named “soon”, the UK Treasury said yesterday.
The change will allow investors to cut the risk from making overseas payments in the Chinese currency. It also burnishes London’s position as the global centre for foreign exchange trading as China’s rise shifts international financial flows.
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