Central Banking

PBoC designates renminbi clearing banks for France and Luxembourg

zhou-xiaochuan-and-gaston-reinesch

The People's Bank of China (PBoC) has unveiled the Bank of China and the Industrial and Commercial Bank of China (ICBC) as renminbi clearing banks for Paris and Luxembourg respectively.

The selection of the two banks follows deals struck by the PBoC with the Banque de France and the Central Bank of Luxembourg (CBL) in June to establish renminbi clearing facilities in France and Luxembourg – just weeks after the Bank of China and China Construction Bank were designated clearing banks for Frankfur

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