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China media: UK currency deal

Posted on 20 June 2014

Media discuss China’s role in international finance after a key currency clearing deal with London. The Bank of England on Wednesday appointed one of China’s “big four” banks as the Chinese currency clearing bank in London. The announcement was made as Premier Li Keqiang signed various business deals with the UK during his visit.
Lu Zhengwei, chief economist at the Industrial Bank Co, tells the Global Times the deal “will help the yuan gain recognition before it expands its presence in the area [EU]“. Echoing similar views, the Southern Metropolis Daily says the deal is a “first step towards internationalisation of the yuan”………………………………………..Full Article: Source


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