France and Luxembourg join race to become Europe's renminbi hub
London, Frankfurt, Paris and Luxembourg City jostling for position
The French and Luxembourg central banks struck deals with the People's Bank of China (PBoC) over the weekend that will see both countries welcome renminbi clearing banks in the coming months – intensifying the competition among Europe's biggest financial centres to become major offshore markets for the Chinese currency.
The PBoC has already designated clearing banks for London and Frankfurt this month – China Construction Bank and Bank of China respectively – and is working fervently to bolster
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