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| Version 0 | Version 1 |
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| Bank of England names London Chinese currency clearing hub | Bank of England names London Chinese currency clearing hub |
| (35 minutes later) | |
| The Bank of England has appointed one of China's "big four" banks as the Chinese currency clearing bank in London. | The Bank of England has appointed one of China's "big four" banks as the Chinese currency clearing bank in London. |
| The China Construction Bank will be the London renminbi clearing house. | The China Construction Bank will be the London renminbi clearing house. |
| The appointment is part of a plan to make London a hub for Chinese currency dealing. | The appointment is part of a plan to make London a hub for Chinese currency dealing. |
| Standard Life chair Sir Gerry Grimstone said renminbi trading is the most important issue facing the City of London at the moment. | |
| In March, the Bank of England signed a memorandum of understanding with the People's Bank of China setting out the deal. | In March, the Bank of England signed a memorandum of understanding with the People's Bank of China setting out the deal. |
| The banks have said they want to encourage the cross-border use of renminbi, or yuan, to rebalance the global economy. | The banks have said they want to encourage the cross-border use of renminbi, or yuan, to rebalance the global economy. |
| Bank of England governor Mark Carney said the appointment was an "important milestone", because the Chinese bank would "play a valuable role in facilitating greater use of the RMB [renminbi] for trade, investment and other economic activities in the UK". | |
| Mr Grimstone, who chairs financial services trade body TheCityUK and Standard Life, helped broker the memorandum. | |
| He said the deal could help to secure City jobs for decades. | |
| "We're moving down a track very rapidly where London is going to become... the offshore centre for trading renminbi," he told the BBC. |