PBoC designates renminbi-clearing banks for France and Luxembourg

Bank of China and the Industrial and Commercial Bank of China named by central bank

Zhou Xiaochuan (left) and Gaston Reinesch, governors of the PBoC and Central Bank of Luxembourg

The People's Bank of China (PBoC) has unveiled the Bank of China and the Industrial and Commercial Bank of China (ICBC) as renminbi-clearing banks for Paris and Luxembourg, respectively.

The selection of the two follows deals struck by the PBoC with the Banque de France and the Central Bank of Luxembourg (CBL) in June to establish renminbi-clearing facilities in France and Luxembourg – only weeks after the Bank of China and China Construction Bank were designated clearing banks for Frankfurt and

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