London, Frankfurt, Toronto, Vancouver and San Francisco Battle to Become Western Centers for Chinese Currency Trade
WashingtonsBlog.com
March 29, 2014
Germany, England, Canada and the U.S. Are All Vying To Become Renminbi Currency Exchanges
Germany, England, Canada and the U.S. are all vying to become Western centers for the Yuan trade.
Germany
Bloomberg reports today:
Germany’s Bundesbank and the People’s Bank of China agreed to cooperate in the clearing and settling of payments in renminbi, paving the way for Frankfurt to corner a share of the offshore market.
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The central banks signed a memorandum of understanding in Berlin today, when Chinese President Xi Jinping met German Chancellor Angela Merkel, the Frankfurt-based Bundesbank said in an e-mailed statement.
The Rest…HERE
