Barclays, Standard Chartered Back London Bid for Yuan Hub
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London is seeking to become a hub for yuan trade and investment in an initiative backed by Bank of China Ltd., Barclays Plc, Deutsche Bank AG, HSBC Holdings Plc and Standard Chartered Plc.
Institutions in the U.K. capital currently have more than 109 billion yuan ($17 billion) of customer and interbank deposits in the Chinese currency and that is “growing strongly,” according to a policy paper by research firm Bourse Consult released today.