RMB clearing services to debut in UK |
2013-12-03 03:59 |
Agricultural Bank of China (ABC) and Standard Chartered Bank will offer renminbi (RMB) clearing services in the United Kingdom (UK), the first banks to do so. The ABC and Standard Chartered signed a memorandum of understanding (MOU) on Monday, through which financial institutions and corporates can work with Standard Chartered Clearing of RMB transactions in the The RMB clearing services in the " The signing of this strategic cooperation agreement is another major move to foster "a stronger partnership in which we will jointly build the Import and export RMB financing totaled 33.6 billion yuan in 2012, up 100 percent from 2011, and the volume of letters of credit and other loan guarantees grew 13 times to 4.7 billion yuan, according to a report released by the City of In July 2010, Standard Chartered became the largest banking investor in ABC's H-share IPO and subscribed to 500 million U.S. dollars worth of H-shares. |