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News : EU Economy Last Updated: Mar 28, 2014 - 8:20 AM

China set to name Frankfurt as yuan/ renminbi trading hub
By Michael Hennigan, Finfacts founder and editor
Mar 28, 2014 - 7:48 AM

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Frankfurt, the Eurozone's financial capital, is expected to be named a yuan/renminbi trading hub today, according to reports.

Reuters reports that the Bundesbank and the People's Bank of China are due to sign a memorandum of understanding during today's state visit to Germany by Xi Jinping, China's president.

Outside of Hong Kong, the Chinese authorities have yet to name a bank to clear yuan transactions. The Chinese-German accord would follow the establishment of a ¥350bn ($56bn) and €45bn ($62bn) bilateral swap line between the PBoC and the ECB in October, bolstering access to trade finance in the Eurozone.

Bloomberg reports that the UK Treasury said on Wednesday that the Bank of England would sign an initial agreement with the PBoC stipulating the cooperation between the central banks on March 31.

German newspaper Handelsblatt reported on Thursday that the Bundesbank and the PBoC may sign a yuan-trade agreement tomorrow.

Since March 17, the yuan is allowed to trade as much as 2% on either side of a daily reference rate set by the People’s Bank of China, compared with a previous limit of 1%.

This morning the reference rate was set 0.04% lower at 6.149 per dollar, which was the weakest reference rate in six months, according to Bloomberg.

The central bank is believed to be stoking volatility in the currency to try and deter speculators (many of them Chinese) who have pumped money into the country in breach of its strong capital controls and to benefit from rising asset prices and the strengthening renminbi.

The Chinese currency closed at 6.2080 against the dollar.

Yuan is unit in Mandarin; renminbi is people's currency.

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