BOC hits first in eurozone
Print Edition
THE People’s Bank of China has appointed the Bank of China’s Frankfurt branch as the first yuan clearing bank in the eurozone to promote greater international use of the currency.
The appointment followed a March agreement between the German and Chinese central banks to cooperate in the clearing and settlement of yuan transactions, the PBOC said in a statement released yesterday.
A day earlier, the PBOC confirmed the appointment of China Construction Bank as a yuan clearing bank for London. BOC is also the clearing bank for the yuan in Hong Kong, Macau and Taipei, while the Industrial and Commercial Bank of China acts in that role for the Singapore market.
A clearing bank in an offshore market will allow commercial banks to settle offshore yuan more efficiently via the bank’s direct channel with the PBOC.
Since March, three issuers have sold yuan-denominated debt in Frankfurt. German lender Kreditanstalt fur Wiederaufbau sold 1 billion yuan (US$161 million) of notes on April 28, the Agricultural Bank of China sold 1.2 billion yuan on May 9, and CCB raised 1.5 billion yuan on May 19.
The PBOC and the Frankfurt-based European Central Bank last October agreed on a 350 billion yuan currency swap line to ensure the yuan and euro are available in the markets.
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