BoE and PBOC agree on clearing of yuan trades in London

|By:, SA News Editor

It's the first such tie-up for the Chinese currency outside of Asia and further internationalizes the yuan and enhances London's status as a Western hub for trading it.

In 2009, Beijing made Hong Kong the first offshore trading spot for the yuan and competition among global and regional hubs to be key yuan markets has been fierce ever since.

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