Comment on UK/China summit
What is the expected outcome of the summit?
A series of trade deals is expected to be announced following the meeting between Chinese premier Li Keqiang and UK prime minister David Cameron, and it has been reported by Bloomberg that China Construction Bank, China’s second-largest lender, has said it has been selected to facilitate offshore yuan clearing in London.
Was this expected?
The announcement of the clearing bank follows on from an agreement between Beijing and London in March. The memorandum of understanding (MoU), signed on 31 March, concerns co-operation between the Bank of England and the People’s Bank of China relating to the operations of the renminbi clearing and settlement service in London. That MoU paved the way for this latest announcement, which now brings those arrangements to life…
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