British, Chinese central banks signs MoU on RMB clearing, settlement in London

%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20Bank%20of%20England%20and%20the%20People%27s%20Bank%20of%20China%20Monday%20simultaneously%20announced%20that%20a%20Memorandum%20of%20Understanding%20%28MoU%29%20between%20the%20two%20countries%27%20central%20banks%20regarding%20renminbi%20%28RMB%29%20clearing%20and%20settlement%20arrangements%20in%20London%20has%20been%20signed.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20agreement%20will%20facilitate%20the%20use%20of%20RMB%20by%20banks%20and%20other%20firms%20in%20international%20transaction%2C%20supporting%20global%20trade%20and%20investment%2C%20said%20British%20central%20bank%20on%20its%20website.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20People%27s%20Bank%20of%20China%20confirmed%20the%20agreement%20on%20its%20website.%20It%20said%20the%20central%20bank%20will%20announce%20the%20clearing%20bank%20of%20the%20RMB%20business%20afterward.%20The%20establishment%20of%20the%20RMB%20clearing%20in%20London%20will%20benefit%20the%20RMB%20cross-boarder%20transaction%20of%20both%20countries%27%20enterprises%20and%20financial%20institutes%2C%20thus%20further%20promoting%20the%20mutual%20trading%2C%20investment%20liberalization%20and%20facilitation.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EJon%20Cunliffe%2C%20Deputy%20Governor%20of%20the%20Bank%20of%20England%2C%20said%20that%20the%20MoE%20signed%20by%20two%20central%20banks%20represents%20a%20key%20mile%20stone%20on%20the%20journey%20of%20greater%20internationalization%20of%20the%20RMB.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EMark%20Boleat%2C%20Policy%20Chairman%20for%20the%20City%20of%20London%20Corporation%2C%20commented%20that%20the%20agreement%20will%20help%20to%20reinforce%20confidence%20in%20London%20and%20underlines%20the%20close%20partnership%20between%20the%20British%20and%20Chinese%20authorities.%20It%20should%20encourage%20more%20British%20firms%20to%20use%20the%20RMB%20as%20a%20currency%20for%20international%20trade.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20MoU%20was%20signed%20on%20Monday%20in%20London%20by%20Cunliffe%20and%20Hu%20Xiaolian%2C%20Deputy%20Governor%20of%20the%20People%27s%20Bank%20of%20China%2C%20noted%20the%20Bank%20of%20England.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CBR%3E%28CCTV.com%29%3CBR%3E%3C/FONT%3E%3C/P%3E