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”.
Other European countries have already taken similar action. This month, China and the UK struck a deal to make China Construction Bank the first authorised clearer of renminbi in London, boosting Britain’s position as the leading renminbi trading location in Europe.
The central bank of Luxembourg has also announced that it too has signed an MoU with the People’s Bank of China in the first stage of a process towards an eventual renminbi clearing bank.
In March, Germany’s central bank signed a deal with China to become Europe’s first payments hub for the renminbi. Days later, the Bank of England announced a similar agreement.
Trade in the renminbi is still relatively small and remains under the control of the Chinese government. But bankers hope such agreements will leave them well placed when China’s currency finally floats freely on the markets.
In October, the People’s Bank of China signed an agreement with the European Central Bank to swap euros and yuan.
其他欧洲国家也已采取类似动作。这个月，中国和英国达成了一项协议，使中国建设银行(China Construction Bank)成为伦敦首家官方授权的人民币清算行，提升了英国作为欧洲领先的人民币交易地点的地位。