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

renminbi-pic

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

FedNow – at last

The instant payment system might help fix the US’s rusty payment rails, but it also faces competition, says Dave Birch

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.