Saturday, April 19, 2014   

AgBank, StanChart to offer UK yuan clearing
(12-02 19:22)

Agricultural Bank of China and Standard Chartered Bank will offer yuan clearing services in the United Kingdom, the first banks to do so.
The ABC and Standard Chartered signed a memorandum of understanding today, through which financial institutions and corporates can work with Standard Chartered UK and ABC UK to execute yuan transactions.
Clearing of yuan transactions in the UK is done through a very robust real time gross settlement system in Hong Kong through clearing banks in Taiwan and Singapore or through agent banks in China.
The yuan clearing services in the UK is expected to strengthen London's position as a leading offshore yuan center.
"London's position as a leading international financial center is enhanced by the ability to offer onshore clearing services that allow 'on-demand' access to settle yuan denominated services within the London time zone," said Peter Sands, Group CEO of Standard Chartered, in a statement.
The signing of this strategic cooperation agreement is another major move to foster "a stronger partnership in which we will jointly build the London offshore RMB center and promote the cross-border use of yuan," said ABC president Zhang Yun.--Xinhua

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