China Construction Bank to be first UK clearing bank for renminbi

London scores again. Without invading armies or excessive spying, the Brits again scoop the pot. Is Washington watching?

Britain's hope is that a London clearing bank would complement the main clearing infrastructure in Hong Kong - Photo: AFP

Chinese Premier Li Keqiang expected to announce the deal when he visits London next week

The Telegraph
By agencies
11 June 2014

China Construction Bank (CCB), China's second-largest lender, has been selected to become the first clearing service for renminbi trading in London, according to reports.

The clearing bank will help secure London's position as a global centre for foreign exchange trading, as financial capitals around the world race to secure a slice of the fast-growing offshore yuan trade.

Chinese Premier Li Keqiang is expected to announce the deal when he visits London next week for an annual summit, a reciprocal visit following a trip by Prime Minister David Cameron to China last year.

CCB was selected despite initial expectations that local rival Bank of China was the likely choice, the Financial Times reported, adding that the decision had been made in Beijing, not London.

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