The London Metal Exchange, which sets the price of industrial metals from copper to aluminium, will now accept renminbi as collateral against trades, a boost for the international use of China’s currency.
The exchange, founded in 1877 and bought by Hong Kong Exchanges and Clearing(HKEx) in 2012 will accept offshore renminbi as cash collateral for its clearing house following approval from the Bank of England.
It already accepts the dollar, sterling, euro and yen.
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