Bank of England Prepared to Facilitate Yuan Clearing Bank
This article is for subscribers only.
The Bank of England is ready to help create a clearing bank for yuan in London as the City seeks to become an offshore hub for trading the Chinese currency, Chief Cashier Chris Salmon said.
While the U.K. doesn’t “absolutely” need such an institution for yuan transactions, there is a “will in the market for a London clearing bank to be established,” Salmon said in an interview in London yesterday. “We’ll be prepared to facilitate that, in so far as we need to,” he said.