BOC authorised as RMB clearing bank in Frankfurt

BEIJING, June 19 (Xinhua): China's central bank announced on Thursday that it has authorised the Bank of China (BOC), one of China's big-four banks, to be the clearing bank for renminbi (RMB) business in Frankfurt.

The work will be undertaken by the BOC Frankfurt Branch, the People's Bank of China (PBOC) said in a statement on its website.

The PBOC made the decision in accordance with a memorandum of understanding (MOU) it signed with the Deutsche Bundesbank on March 28.

The MOU is expected to help turn the German city into an offshore RMB centre.