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France, Luxembourg sign agreements with China on yuan exchange

CHINA'S central bank, the People's Bank of China, signed a memorandum of cooperation with the central bank of France and the central bank of Luxembourg over the weekend on yuan clearing arrangements in the countries.

The PBOC said in online statements dated yesterday that clearing banks for yuan will be later designated in Paris and Luxembourg.

"The arrangements will encourage companies and financial institutions in China, France and Luxembourg to use the yuan for cross-border trading, in a bid to further promote trade and investment liberalization and facilitation," said the statements.

Major financial centers in Europe are vying with London in trading the Chinese currency. Switzerland and Frankfurt are also trying to muscle into the competition.

Mark Boleat, leader of the London yuan business initiative and policy chairman of the City of London Corporation, told Shanghai Daily last week that London will remain Europe's main offshore yuan center given its position as the world's biggest foreign exchange hub.

Prosperity of other offshore centers will also bring more business to London, he said.


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