PBoC authorizes CCB to be RMB clearing bank in London

The People's Bank of China (PBoC) announced on Wednesday morning that the China Construction Bank (CCB) will become a clearing bank of the RMB business in London.

PBoC said it made the decision in accordance with a Memorandum of Understanding (MoU) signed by PBoC and the Bank of England in March.

The MoU regarding RMB clearing and settlement arrangements in London aimed to facilitate the use of RMB by banks and other firms in international transaction and boost the internationalization of the Chinese currency.