OREANDA-NEWS. April 16, 2014. The People’s Bank of China and Bank of England signed a memorandum of understanding regarding RMB clearing and settlement arrangements in London, with a clearing bank to be named later.

Through this MoU, the People’s Bank of China and the Bank of England commit to cooperate over relevant supervisory arrangements, share relevant information as necessary, and conduct on-going evaluation and policy improvement work.

These agreements will facilitate the use of RMB by firms and financial institutions from both countries in international transactions and further facilitate bilateral trade and investment.