Sunday, Apr 19, 2015Sunday, Apr 19, 2015

Britain, China sign yuan deal

Published on Mar 26, 2014 11:44 PM

LONDON (AFP) - Britain and China have signed a deal for the first clearing service for yuan trading outside of Asia, the government here said Wednesday.

The move would make yuan, or renminbi, transactions in London's financial centre more efficient and quicker.

Britain's Treasury said in a statement that the agreement between the Bank of England (BoE) and the People's Bank of China (PBoC) "further strengthens London's position as the Western centre of renminbi trading".

Hong Kong, the former British colony which is now a special administrative region of China, is the largest centre for offshore trading of the yuan.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!