Agricultural Bank of China and Standard Chartered Bank will offer renminbi clearing services in Britain, Xinhua news agency reported Monday. They have signed an agreement to carry out renminbi transactions, becoming the first lenders to offer such services in the country. At present, RMB clearing is done through a real time gross settlement system in Hong Kong with clearing banks in Taiwan and Singapore or through agent banks in China. The clearing services in Britain is expected to strengthen London’s position as a leading offshore center for the Chinese currency, the report said.
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