Britain moved a step closer Wednesday to cementing its status as the Western hub for financing and trade in the Chinese yuan with an agreement to set up the first official clearing service for the currency outside Asia.
Chancellor George Osborne said the Bank of England and the People’s Bank of China will sign a memorandum of agreement on Monday to cover how they will share in the operations, with a clearing bank to be named later.
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Clare Connaghan and Margot Patrick, Wall Street Journal via CHINA US Focus http://ift.tt/1jvBlQy
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