More on: UK in talks to set up yuan clearing bank in London

Headline earlier here: Osborne: UK, Chinese governments are in active discussions about setting up rmb clearing bank in London

More:

• George Osborne said in a speech to business leaders in Hong Kong on Thursday
• Osborne highlighted the importance of having a local clearing mechanism in London for the yuan
• Would boost trades in the currency and development of more products denominated in it

“Ultimately, what we all want to see is the renminbi being used more and more as a currency of choice of the world,” Osborne said.

More at the South China Morning Post

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At present, China has three offshore clearing banks:

• Bank of China (Hong Kong)
• Bank of China’s Taiwan branch
• and Industrial & Commercial Bank of China’s branch in Singapore