Bank of China to clear yuan in Eurozone

Bank of China’s Frankfurt, Germany banch has won approval to become the first first institution in the euro area able to clear payments in yuan, Bloomberg reported, citing the People’s Bank of China. The selection of Bank of China will help create a second European hub for yuan trading as the nation promotes greater use of the currency in global trade and finance. China Construction Bank (1939.HKG, 601939.SHA) was this week named the yuan clearing bank for London. “The London and Frankfurt hubs will complement each other,” said David Pavitt, head of RMB Development for Europe, Middle East and Africa at HSBC Holdings.