Central Banking

Germany pips UK to renminbi clearing deal

The signing ceremony

The Deutsche Bundesbank and the People's Bank of China (PBoC) struck a deal over the clearing and settlement of renminbi payments in Frankfurt last week – pipping the UK to the post by three days.

The memorandum of understanding (MoU), signed on Friday, lays the groundwork to establish a clearing bank in Germany. The Bank of England signed a similar MoU with the PBoC this afternon.

George Osborne, the UK chancellor of the exchequer, announced the agreement on Wednesday, and proclaimed it "the fi

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