18 August 2019

Britain, China in deal to settle yuan trades, WSJ says

Britain is closer to being the Western hub for financing and trade in the Chinese yuan with an agreement to set up the first official clearing service for the currency outside Asia, the Wall Street Journal reported Wednesday. British Chancellor George Osborne said the Bank of England and the People’s Bank of China will sign a memorandum of agreement Monday to cover how they will share in the operations, with a clearing bank to be named later, the report said. The deal will allow yuan transactions to be settled in London, instead of having to go through agent banks in mainland China or the Bank of China in Hong Kong, it said.

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