China Construction Bank set to become London renminbi clearer
CCB beats rival Bank of China to new clearing role
China Construction Bank (CCB) is to become the first renminbi clearer in London, according to reports indicating an official announcement will be made during the visit of Chinese premier Li Keqiang to the city next week for an annual Sino-UK summit.
The UK Treasury declined to comment on the reports.
CCB, China's second-largest bank, will have been selected by Beijing ahead of its major rival, Bank of China (BOC), following a clearing agreement that was signed with the UK at the end of March.
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