China Names Bank of China as Yuan Clearing Bank in Hungary
June 28 2015 - 4:09AM
Dow Jones News
BEIJING--China's central bank said Sunday that it appointed Bank
of China Ltd. (3988.HK), the nation's fourth-largest lender by
assets, as the yuan clearing bank in Hungary.
The designated clearing bank could supply yuan liquidity in case
of a shortage by directly accessing China's onshore currency
market.
The announcement came after the People's Bank of China said
Saturday it would expand the renminbi qualified foreign
institutional investors program, or RQFII, to Hungary. The move
could help increase the use of Chinese currency and boost bilateral
trade and investment, the central bank said.
--Grace Zhu