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PBOC taps Bank of China for Paris yuan clearing service

The People's Bank of China, the central bank, said on Monday it had appointed Bank of China, the country's main foreign exchange lender, as the yuan clearing service bank in Paris in the country's latest move to expand the offshore yuan market. The People's Bank of China made the announcement in a statement posted on its website, www.pbc.gov.cn. The Bank of China was previously selected to provide yuan clearing services in Frankfurt, Germany, and Australia.

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