US EUROPE AFRICA ASIA 中文
Business / Markets

BOC authorized as RMB clearing bank in Frankfurt

(Xinhua) Updated: 2014-06-19 17:08

BEIJING - China's central bank announced on Thursday that it has authorized the Bank of China (BOC), one of China's big-four banks, to be the clearing bank for renminbi (yuan) business in Frankfurt.

The work will be undertaken by the BOC Frankfurt Branch, the People's Bank of China (PBOC) said in a statement on its website.

The PBOC made the decision in accordance with a memorandum of understanding (MOU) it signed with the Deutsche Bundesbank on March 28.

The MOU is expected to help turn the German city into an offshore yuan center.

Frankfurt is one of the most important financial hubs in Europe and the seat of two central banks -- the Bundesbank and the European Central Bank.

BOC authorized as RMB clearing bank in Frankfurt BOC authorized as RMB clearing bank in Frankfurt
 France leads eurozone in offshore RMB payments  Clearing facility to support London's renminbi business 
 

Hot Topics

Editor's Picks
...
...