Central Banking

Offshore renminbi clearing banks could face competition from 'superhighway'

yuan

The establishment of several offshore renminbi clearing banks could be more PR-push than game changer, analysts suggest, while the new centres may struggle to remain relevant as China introduces a new centralised payment platform.

The past year has seen a raft of offshore renminbi clearing banks appointed by the Chinese government, from Doha to Sidney and from London to Toronto, as the world's second-largest economy seeks to establish the yuan as a major reserve currency.

Often announced alongsi

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