China to Set Yuan Clearing Banks in Luxembourg, Paris

The noose tightens around the Necks and Nuts of these parasites.

There you go, the contestants have been selected:


"Paris and Luxembourg, as the two financial centers battle with London to become the leading European offshore yuan-trading city."

Interesting Frankfurt was not mentioned.

image source

NASDAQ
By Dow Jones Business News
29 June 2014

In its continued push to make the yuan a global currency, China's central bank said Sunday it plans to designate clearing banks for its currency in Paris and Luxembourg, as the two financial centers battle with London to become the leading European offshore yuan-trading city.

The People's Bank of China announced the move in two separate statements Sunday. It didn't say when it would designate the clearing banks.

The French and Luxembourg central banks said Sunday they had signed agreements with PBOC allowing for greater cooperation in the oversight of their domestic yuan market.

The weekend moves are the latest salvos in the race to win a major share of business in cross-border transactions in the Chinese currency. Singapore and Sydney are also vying for a significant share of the global yuan market, which is expected to expand rapidly along with China's fast-growing economy.

read more

No comments:

Post a Comment