London Stock Exchange Group Plc (LSE) will develop clearing processes for yuan-denominated products with Bank of China Ltd. in an attempt to make the U.K. more attractive for the fledgling offshore market in the currency.
The two companies signed a memorandum of understanding today to increase each other’s access to the U.K., European and Chinese financial markets, according to a statement from LSE. Some 59 Chinese companies have already listed their shares in London. Seven use the LSE’s main market.
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