France is looking to create a currency swap line with China in Paris in a bid to rival London as a European yuan currency market, Reuters reported, citing state media. Bank of France Governor Christian Noyer told China Daily that France is looking to develop a renminbi liquidity safety net in the euro area and a corresponding currency swap agreement with the Chinese central bank. In 2011, Britain launched an offshore yuan currency and bond market in London after reaching a similar agreement with the Bank of China (601988.SH, 3988.HKG). According to Paris Europlace, a trade association, 50% of French firms have used products and services denominated in yuan.
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