The Bundesbank and the People’s Bank of China will probably sign a memorandum of understanding tomorrow to enable clearing and settlement of yuan trades in Frankfurt, Germany’s financial capital, according to a person familiar with the agreement.
The central banks are set to sign the accord to coincide with a visit by Chinese President Xi Jinping to Berlin, where he will meet German Chancellor Angela Merkel, said the person, who asked not to be identified because the deal isn’t public. The agreement will take Frankfurt, the seat of the European Central Bank, a step closer to becoming a yuan offshore hub.
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Angela Cullen, Bloomberg News via CHINA US Focus http://ift.tt/1lpxAvW
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