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Osborne Says London Yuan Clearing Bank to Be Set Up Shortly

The Bank of England said in November it was ready to help set up such a bank, following a government announcement that China and the U.K. will introduce direct trading between the yuan and the British pound. Photographer: Jerome Favre/Bloomberg
The Bank of England said in November it was ready to help set up such a bank, following a government announcement that China and the U.K. will introduce direct trading between the yuan and the British pound. Photographer: Jerome Favre/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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