BOC becomes RMB clearing bank in Paris
Updated: 2014-09-16 14:15
(Xinhua)
|
|||||||||||
BEIJING - The People's Bank of China (PBOC), the country's central bank, announced on Monday that it had authorized the Bank of China (BOC) as a clearing bank for yuan business in Paris.
The PBOC made the decision in accordance with an MOU signed with the French central bank La Banque de France to help turn the city into an offshore yuan center.
Paris becomes a competitor to become the offshore yuan center in Europe after Frankfurt and London.
BOC became the yuan clearing bank in Frankfurt in June while China Construction Bank was authorized to be the yuan clearing bank in London.
The PBOC is yet to announce the yuan clearing bank in Luxembourg.
A BOC spokesman said the mechanism of yuan clearing business in Paris will help Chinese and French companies and financial institutions to use the yuan for cross-border transactions and facilitate the free trade and investment between the two countries.
BOC has so far opened more than 1,200 inter-bank yuan clearing accounts and 1.7 million yuan accounts for corporate and individual clients overseas.
The bank almost doubled its yuan payment and clearing business from a year ago to 112 trillion yuan ($18.23 trillion) in the first half of this year, BOC data showed. Its Paris Branch handled more than 1.3 trillion yuan of clearing business last year.
|
|
BOC announces yuan bond listing on Euronext | China Development Bank issues yuan bonds in London |
Related Stories
Britain to include China's RMB as foreign currency reserve 2014-09-13 15:46
Standard Chartered offshore RMB index rises slightly in July 2014-09-09 09:26
Yuan's rise will help global stability 2014-08-04 07:00
RMB developing quickly as major world currency 2014-07-21 07:21
Offshore RMB bond issues in first half hit 277b yuan: Singaporean banker 2014-07-04 10:36
Today's Top News
China's door to open wider, Li says
Shanghai FTZ official removed
Actress stuck in nations' conflict
Space-based technology to help deal with disasters
How will Alibaba justify price?
Master Kong pork noodles made with tainted oil
Beijing to tighten foreign hiring requirements
Queen urges Scots to think 'carefully'
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Endangered species threatens livelihoods |
Chinese mavericks set to amaze racing world |
Helping them breathing |
Going the distance |
Righting wrong judgements |
People progress |