PBoC approves direct trading between renminbi and sterling
Mark Carney describes deals as ‘important milestone’
The People's Bank of China (PBoC) announced two "important" measures for smoothing bilateral trade between China and the UK today – the approval of direct trading between the yuan and the pound in Shanghai, and the appointment of China Construction Bank as the renminbi clearing bank in London.
From tomorrow, the pound will become one of only five currencies that can be directly exchanged with the yuan on the China Foreign Exchange Trade System (CFETS), joining the New Zealand and Australian
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