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LME Clear likely to accept renminbi as collateral

The London Metal Exchange, aiming to expand its business in top metals consumer China, said its new clearing house, which launched on Monday, will accept renminbi, the Chinese currency as collateral by the end of the year. LME Clear wants to add more exchange and over-the-counter contracts and non-cash collateral, such as LME warehouse warrants, it said in a statement. "In keeping with the LME's growing focus on Asia, it also plans to introduce renminbi as cash collateral later this year, subject to regulatory approval," it said. The LME is the world's oldest and largest market for industrial metals such as copper and aluminum.

No changes planned in cotton import quota