China is succeeding in speeding up renminbi internationalisation across Europe but the pace may not be as fast as in Asia, where the currency is rapidly winning over markets.
After a long-time in the making, the People’s Bank of China PBoC last week appointed China Construction Bank and Bank of China as renminbi clearing banks in London and Frankfurt respectively the first outside Asia.
One day later, China’s central bank mandated a first batch of market-makers for direct trading between renminbi and the British pound on the interbank foreign exchange market. At least five banks, including Bank of Communications, Citic Bank, Deutsche...
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