Economy

xchrom

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44. Germany, China say renminbi hub in Frankfurt will boost trade

Sun Mar 30, 2014, 08:02 AM

Mar 2014

http://uk.reuters.com/article/2014/03/29/uk-germany-china-idUKBREA2S0M320140329

(Reuters) - A decision by Germany and China to make Frankfurt a European hub for financial transactions in the Chinese currency will give new momentum to trade between the two economic powers, Chinese President Xi Jinping and a German minister said on Saturday.

In a speech to politicians and business leaders in the city of Duesseldorf, Xi said setting up the hub for the renminbi in Germany "represents an important step on the road of the internationalisation of our currency," according to a translation.

The Bundesbank and the People's Bank of China signed an agreement on Friday to facilitate transactions in the Chinese currency in Frankfurt and to cooperate more closely in clearing and settlement arrangements of renminbi payments.

Up to now, transactions in China's currency, the renminbi or yuan, have been impractical for all but very large European companies that are able to involve China's central bank in a deal, because the renminbi is not freely convertible.

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