Latest News:  

English>>Business

Britain dims BOC's ambitions to be bank for clearing yuan

(Shanghai Daily)

08:37, July 01, 2013

Britain has temporarily shelved Bank of China's ambitions to be the clearing bank for the yuan in London as it feels there's no need for the service currently but will designate a bank if there is a demand for it.

Mark Boleat, chairman of the City of London Policy and Resources Committee, told local media during his visit to Shanghai last week that London doesn't need a yuan clearing bank for now, but it will not hesitate to designate one in future if the market demands for such a bank.

"There's a strong link between banks in London and Hong Kong in clearing and settlement businesses," Boleat said. "Hong Kong's clearing service can fully meet the needs of London. Besides, banks in London can make direct clearing with the Chinese central bank if the China International Payment System is set up next year."

The CIPS aims to make cross-border settlement in yuan more efficient and to further boost the global profile of the currency.

Qiu Yi, deputy president of BOC, who visited Boleat in London last month said the bank is willing to assist the British and Chinese governments to promote the use of currency swaps in bilateral trade between the two countries. BOC also wants to be an important partner in building the offshore yuan center in London, and become the designated yuan clearing bank, according to a newsletter of BOC's London branch.

BOC, the nation's biggest foreign exchange bank, is the clearing bank for the yuan in Hong Kong, Macau and Taiwan. The Industrial and Commercial Bank of China, the nation's biggest bank, is the clearing bank for the currency in Singapore.

We Recommend:

'All in Tuning All in Caravanning' Show

HK's new cruise terminal receives luxury liner

Huawei unveils thinnest smartphone in Singapore

Airbus A350 lands safely from test flight in S. France

Special coverage: China-EU solar row

Highlights of ATC Show 2013

Top 10 luxury villas of China in 2013

Turn rabbit to 'gold' - A young entrepreneur's goal

Hilton to open 120 new hotels in China

Email|Print|Comments(Editor:ChenLidan、Gao Yinan)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Border soldiers receive military training

  2. Homosexual couple takes wedding photos

  3. US asks Ecuador not to grant Snowden asylum

  4. Amazing skydiving tour in China's Liaoning

  5. Water-splashing festival in Changsha

  6. People flock to seashore to beat heat

  7. Shanxi cultural industry expo opens in Taiyuan

  8. Jay Chou holds concert in Wuhan

  9. Gold buyers still buying, despite price falls

  10. Glamorous models pose at Shenyang auto show

Most Popular

Opinions

  1. Inequality grinding the gears of growth engine
  2. Manila mulling wider access for US, Japan
  3. Marriages are made in heaven not in fairs
  4. China can curb credit crunch: ADB official
  5. As house prices rise, 'wild' theories thrive
  6. PBOC's caution amid cash crunch to pay off
  7. No pains, no gains for China's economy
  8. 'Kingdom of Bicycles' rises again
  9. Positive energy needed in Sino-British relations
  10. Prism program – who are the principal victims?

What’s happening in China

Amazing skydiving tour in China's Liaoning

  1. Heavy rain to hit north China, Sichuan
  2. Amazing skydiving tour in China's Liaoning
  3. Landslide kills two in C China province
  4. Rare frogs saved from smugglers in S China
  5. 3 die after boat capsizes in E China