Central Banking

BoE chief cashier says renminbi clearing bank would be 'valuable addition' for UK

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The Bank of England's (BoE) chief cashier, Chris Salmon, today said a renminbi clearing bank would be a "valuable" addition to the United Kingdom's burgeoning offshore market for renminbi transactions.

The UK is considering setting up a clearing bank to improve liquidity in its offshore market. Sajid Javid, the economic secretary to the Treasury, stressed the importance of "appropriate" settlement and clearing arrangements at a conference on the renminbi in London today.

Salmon said there will "

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