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.
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Laurence Norman and Lingling Wei, The Wall Street Journal via CHINA US Focus http://ift.tt/1mNlcp6
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