StanChart eyes share of London yuan business
It plans to offer preferential interest rates and waive clearing fees
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[BEIJING] Standard Chartered Bank plans to offer preferential interest rates and waive clearing fees as part of its strategy to win market share for the growing yuan business in London.
StanChart said on Monday it will cooperate with Agricultural Bank of China (ABC) to provide yuan clearing services in the UK, helping financial institutions and corporates execute yuan transactions.
"We think London is the place where the RMB will develop in the West, given the depth of London's capabilities," said Peter Sands, Standard Chartered Bank's chief executive officer during a visit to Beijing.
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