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Osborne Says London Yuan Clearing Bank to Be Set Up Shortly

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U.K. Chancellor of the Exchequer George Osborne
Along with Prime Minister David Cameron, George Osborne, U.K. chancellor of the exchequer, has been pushing to expand Britain’s trade with emerging market economies and both led business delegations to China at the end of last year. Photographer: Ian Waldie/Bloomberg

Feb. 24 (Bloomberg) -- U.K. Chancellor of the Exchequer George Osborne said the nation is in “active” discussions with China to establish a yuan-clearing bank in London and this should be done in “fairly short order.” * “Everyone is committed to the idea in principle so it’s

just the practicalities of it,” he said in an interview in

Sydney yesterday; “the renminbi market, it’s really

expanding rapidly in London and the clearing bank is the

next logical step,” he said, referring to another name for

the currency * Osborne told a conference in Hong Kong last week that the

U.K will host the first international renminbi conference in

the summer, and he confirmed talks to establish a clearing

institution for the Chinese currency were being held * The Bank of England said in November it was ready to help

set up such a bank, following a govt announcement that China

and the U.K. will introduce direct trading between the yuan

and the British pound * “It would be an important further milestone both in the

development of the renminbi as a currency of the world’s

economic future, but also of London and the U.K. as the

western center for renminbi trading,” said Osborne, who was

in Sydney attending a meeting of Group of 20 finance

ministers and central bank governors

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