LME Clear launches renminbi initiative

LME Clear, the clearing house for the London Metal Exchange market, said on Tuesday it would start accepting offshore renminbi as eligible cash collateral.

Bank of China's London branch has become the first Chinese settlement bank for LME Clear. This follows regulatory approval for the initiative from the Bank of England.

"We welcome LME Clear's renminbi initiative, which marks a milestone in providing tailored clearing services for the global metals industry," said Wang Huabin, deputy general manager at Bank of China's London branch.