BEIJING, June 19 China's central bank said on
Thursday it had designated Bank of China, the
country's main foreign exchange lender, as the yuan clearing
service bank in Frankfurt, another step toward expanding the
Chinese currency's footprint in the fast-growing offshore RMB
The People's Bank of China made the announcement in a
statement posted on its website, following the announcement on
Wednesday that China Construction Bank was selected
as the first yuan clearing bank in London.
Global financial capitals, such as London and Singapore,
have been racing to secure a slice of the fast-growing RMB
Industrial and Commercial Bank of China
was previously selected to provide yuan clearing
services in Singapore, while Bank of China was
designated as yuan clearing bank in Australia.
(Reporting by Aileen Wang and Jason Subler)