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BOC Paris named yuan clearing bank
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CHINA’S central bank has appointed the Paris branch of the Bank of China as a yuan clearing bank as efforts continue to promote international use of the yuan.
Financial institutions in Paris will be able to access yuan liquidity without using representative banks usually in Hong Kong, potentially saving them time and costs in settling a deal.
The move will encourage financial institutions and companies in the two countries to settle cross-border deals in the yuan, and facilitating bilateral trade and investment under a yuan clearing agreement made in June, the People’s Bank of China said in a statement on its official website yesterday.
BOC said in a statement that it will start offering clearing services as soon as regulatory procedures are completed.
It is the third time BOC has been appointed as a yuan clearing bank in Europe this year.
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