Frankfurt sets ball rolling with yuan clearing

Frankfurt

FRANKFURT, which is seeking to corner a share of the burgeoning offshore yuan market, is setting the ball rolling with its first clearing of transactions in the Chinese currency.

Bank of China Ltd, chosen by the People's Bank of China in June to clear payments in the euro-area's financial capital, has spent the last five months building the infrastructure to facilitate settlements before the official start of clearing on Monday. More than 10 German banks, from regional lenders to globally operating banks, have opened accounts at its Frankfurt branch, according to Bernd Meist, its managing director.