France’s central bank has taken the first step towards creating a Paris-based renminbi clearing and settlement system.
The bank said yesterday that it had signed a memorandum of understanding (MoU) with its Chinese counterpart to set up a payments arrangement in the French capital designed to facilitate and promote cross-border renminbi transactions.
In a statement, the French central bank said the initiative would enable “the safe and efficient settlement in renminbi in an open system covering transactions in the eurozone or the neighbouring regions”.
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