Agreements will allow investors to reduce overseas renminbi payment risk and make trading in currency more efficient The central banks of Germany and Britain have appointed two major Chinese banks as the first to offer yuan currency clearing in London and Frankfurt. Bank of China's Frankfurt branch has been cleared to facilitate transactions in the Chinese currency, making Germany's financial capital the first hub for such payments in the eurozone. China Construction Bank, China's second-largest lender, has been selected as the first clearing service for yuan trading in the British capital. Both announcements were made during the Chinese Premier Li Keqiang's visit to Europe. Clearing banks...
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