Germany pips UK to renminbi clearing deal
Bundesbank makes progress towards setting up a clearing house in Frankfurt
The Deutsche Bundesbank and the People's Bank of China (PBoC) struck a deal over the clearing and settlement of renminbi payments in Frankfurt last week – pipping the UK to the post by three days.
The memorandum of understanding (MoU), signed on Friday, lays the groundwork to establish a clearing bank in Germany. The Bank of England signed a similar MoU with the PBoC this afternon.
George Osborne, the UK chancellor of the exchequer, announced the agreement on Wednesday, and proclaimed it "the
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