London RMB clearing bank likely to be Chinese, says RBS

city-renminbi

Renminbi trading in London is likely to be cleared by one of the big Chinese banks, according to a senior official at Royal Bank of Scotland (RBS).

A clearing bank is likely to be appointed soon, as a result of a memorandum of understanding on renminbi clearing and settlement between the Bank of England and the People's Bank of China (PBoC), due to be signed on March 31, following an agreement between the two central banks to establish a swap line last year.

"Currently, London has to rely on

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