The U.K. has made a deal with China to appoint an RMB clearing bank in London, aiming to attract more Chinese investments and create more jobs.
The People's Bank of China and the Bank of England will sign an agreement on RMB clearing and settlement in London today.
The UK was the first G7 country to agree to an RMB swap line with the PBOC, and the agreement on clearing and settlement arrangements is the first outside Asia.
For more on this, we're joined live now by Mike Bastin, Visiting Professor of China's University of Economics and Business.
