Clearing, settlement arrangements extend to banks across Europe and Asia, reports Jiang Xueqing China is strengthening its policy on yuan internationalization by promoting wider use of the currency around the world. The People's Bank of China signed a memorandum of understanding regarding yuan clearing and settlement arrangements with the Bank of Korea on July 3, just several days after it signed similar arrangements with the central banks of Luxembourg and France. Earlier in June, London and Frankfurt joined Hong Kong, Macao, Taiwan, Singapore and Malaysia in having designated yuan clearing banks. The PBOC appointed China Construction Bank in London and Bank of China in Frankfurt. Deutsche...
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