18 Jun 2014
BoE announces appointment of renminbi clearing bank in London
FXStreet (London) - Beijing has taken a further step towards greater cross-border use of the renminbi with the appointment of China Construction Bank as the Renminbi (RMB) clearing bank in London.
The appointment follows the signing of a Memorandum of Understanding (MoU) on RMB clearing and settlement in London between the PBoC and Bank of England on 31 March 2014, setting out the cooperation between the two institutions relating to the operations of the RMB clearing and settlement service in London, in the broader context of encouraging cross-border use of RMB to support the longer-term rebalancing of the world economy.
"The announcement […] represents another important milestone on the progress towards greater cross-border use of the RMB,” said BoE governor Mark Carney. “As the official clearing bank, China Construction Bank will play a valuable role in facilitating greater use of the RMB for trade, investment and other economic activities in the UK, particularly by providing a further option for UK firms to clear and settle their RMB activity within the London market. The Bank is committed to further supporting the cross-border use of the RMB in a manner that is consistent with our domestic responsibilities.”
The appointment follows the signing of a Memorandum of Understanding (MoU) on RMB clearing and settlement in London between the PBoC and Bank of England on 31 March 2014, setting out the cooperation between the two institutions relating to the operations of the RMB clearing and settlement service in London, in the broader context of encouraging cross-border use of RMB to support the longer-term rebalancing of the world economy.
"The announcement […] represents another important milestone on the progress towards greater cross-border use of the RMB,” said BoE governor Mark Carney. “As the official clearing bank, China Construction Bank will play a valuable role in facilitating greater use of the RMB for trade, investment and other economic activities in the UK, particularly by providing a further option for UK firms to clear and settle their RMB activity within the London market. The Bank is committed to further supporting the cross-border use of the RMB in a manner that is consistent with our domestic responsibilities.”