CCB Authorized as Yuan Clearing Bank in London
    2014-06-18 11:56:22     Xinhua      Web Editor: Mao
China's central bank announced on Wednesday that it has authorized China Construction Bank, the country's second-largest commercial bank, to be the clearing bank for renminbi businesses in London.

China's central bank announced on Wednesday that it has authorized China Construction Bank (CCB), the country's second-largest commercial bank, to be the clearing bank for renminbi businesses in London.

The work will be undertaken by China Construction Bank (London) Limited, a wholly-owned subsidiary of CCB, the People's Bank of China (PBOC) said in a statement on its website.

The PBOC made the decision in accordance with a memorandum of understanding (MOU) it signed with the Bank of England on March 31, the statement explained.

The MOU covered renminbi clearing and settlement arrangements in London, aiming to facilitate the use of yuan by banks and other firms in international transactions and to support global trade and investment.

China's central bank said in the MOU that it would appoint the clearing bank for London renminbi businesses at a later date.

Chinese Premier Li Keqiang said in a meeting with British Prime Minister David Cameron on Tuesday that the two countries need to advance financial cooperation, realize direct trading of their currencies, set up an renminbi clearing bank and open branches of Chinese banks in Britain.

Share

               


CRIENGLISH.com claims the copyright of all material and information produced originally by our staff. No person, organization and/or company shall reproduce, disseminate or broadcast the content in any manner whatsoever without the express written permission of CRIENGLISH.com.

CRIENGLISH.com holds neither liability nor responsibility for materials attributed to any other source. Such information is provided as reportage and dissemination of information but does not necessarily reflect the opinion of or endorsement by CRI.

 
Audio Reports more »
Biz Life more »
Policy more »
Markets more »

News
China
World
Politics
Business
Sports
Showbiz
Sci-tech
Photo
Recommended
China
World
Sports
Showbiz
Travel
Video
C4
The Sound Stage
Showbiz
Travel
China Revealed
My Chinese Life
Travel
Destinations
Photo Gallery
Recommended
Learn Chinese
"In" Chinese
Chatting in Chinese
Pop Culture
Traditional Culture
Living Chinese
Chinese Studio
Chinese Class
Learn English
Special English
Pop Chart
Everyday English
Fabulous Snaps
CRI News
China.org.cn  | Xinhua  | People's Daily Online   |  CNTV.cn  | China Daily  |  Global Times  | China Job  |  China Tibet Online  | Taiwan.cn  | eBeijing  | Beijing Today  | China-Eurasia Expo  | APEC Yiwu Conference  | Chinese Embassy in S.Africa  | Chinese Embassy in Australia  | Chinese Embassy in NZ