Bank of England Signs Yuan Clearing Agreement With China’s PBOC
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The Bank of England signed an agreement with the People’s Bank of China to enable the clearing and settlement of yuan transactions in London as the U.K. vies to become a hub for trading the currency in Europe.
The deal will facilitate the use of the yuan by banks and other companies conducting international transactions, the BOE said in an e-mailed statement today. A clearing bank will be designated in London “in due course,” it said.