Chinese central bank authorises Swiss RMB clearing

Following a memorandum of understanding between the SNB and the People’s Bank of China (PBC), the latter has authorised the Zurich branch of China Construction Bank to become the renminbi (RMB) clearing bank in Switzerland.

The establishment of a Swiss RMB clearing centre comes as similar agreements have been signed among others in Luxembourg, Frankfurt and London.

According to the SNB, availability of renminbi clearing services will facilitate and promote the use of the renminbi in cross-border transactions between companies and financial institutions.

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