Central Banking

BoE and PBoC to ink deal on London RMB clearing bank

London takes ‘major step’ towards housing West’s first renminbi clearing bank


London is poised to become the first financial centre outside Asia to house a renminbi clearing bank, when the Bank of England (BoE) and the People's Bank of China (PBoC) sign a memorandum of understanding next week on renminbi clearing and settlement operations in the city.

The final details were hashed out by UK prime minister David Cameron and Chinese president Xi Jinping at a bilateral meeting in the Netherlands yesterday, and announced today by the UK Treasury.

The development was expected

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