By Weixin Zha
BLOOMBERG NEWS - Nov 17, 2014
Frankfurt, which is seeking to
corner a share of the burgeoning offshore yuan market, has set
the ball rolling with the first clearing of transactions in the
Chinese currency.
Bank of China Ltd., chosen by the People’s Bank of China in
June to clear payments in the euro-area’s financial capital, has
spent the last five months building the infrastructure to
facilitate settlements before the official start of clearing
today. Deutsche Bank AG (DBK), Commerzbank AG (CBK), DZ Bank AG and
Landesbank Hessen-Thueringen Girozentrale have cleared
transactions through the Frankfurt hub, according to Bernd
Meist, its managing director.
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