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Standard Chartered Hopes for London Yuan Center This Year

Standard Chartered Plc Chief Executive Peter Sands said he hopes London will as soon as this year become an offshore yuan center where companies can raise funds denominated in the Chinese currency.

“London is the logical place for it to happen,” Sands, 50, said in an interview yesterday. “I would hope it would happen this year but there are a number of things that have to come together to make it possible.”