Britain’s bid to become the leading centre for offshore trading in the renminbi is set to receive a boost with the designation of China Construction Bank, the country’s second-largest lender, as a clearing bank in London for the Chinese currency.
The move – filling a gap in the UK’s infrastructure for trading the currency – will embellish London’s credentials as a global centre for foreign exchange trading, as financial capitals around the world vie for a slice of the fast-growing offshore renminbi trade.
The decision is expected to be announced around the time of a trip to London next week by the Chinese Premier Li Keqiang.
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