CCB granted RMB clearing status in London

The London branch of China Construction Bank (CCB London) has been designated as a Chinese currency RMB clearing bank in the world financial hub, visiting Chinese Premier Li Keqiang said Tuesday.[Special coverage]

CCB London, offering convenient and secured RMB off-shore clearing services, aims to expand an active and ordered RMB pricing mechanism for commodities, said a statement released after the announcement.

Based on the local RMB clearing network in Britain, the bank is looking to cover neighboring regions including the European continent, Africa and the Middle East and establish a global clearing service network centred in London.

CCB Group is planning to invest more resources in Britain, support the investment by Chinese enterprises and infrastructure construction in the country and lay a solid foundation for the future development of the RMB market.

A 2.5-billion-RMB bond is scheduled to be issued in the London market this year, the CCB statement said, following the release of a 1-billion-RMB bond in London in December 2012.

The Chinese premier made the announcement while addressing over 600 businessmen from China and Britain at a banquet at London's Natural History Museum Tuesday night.