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Switzerland Will Join Race to Be Trading Hub for China’s Yuan

Switzerland plans to bid to become an offshore yuan trading center in Europe, competing with Frankfurt and London to corner trade in the Chinese currency.

“It is in Swiss interest to have a renminbi hub in the center of Europe,” Economy Minister Johann Schneider-Ammann said in Beijing yesterday after signing a free trade agreement with Chinese Commerce Minister Gao Hucheng. While no official talks have taken place, Schneider-Ammann said he hopes the idea will become “more serious” in the coming weeks or months.