Bank of China designated yuan clearing bank in Frankfurt

BEIJING, June 19 Thu Jun 19, 2014 3:23am EDT

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BEIJING, June 19 (Reuters) - China's central bank said on Thursday it had designated Bank of China, the country's main foreign exchange lender, as the yuan clearing service bank in Frankfurt, another step toward expanding the Chinese currency's footprint in the fast-growing offshore RMB market.

The People's Bank of China made the announcement in a statement posted on its website, following the announcement on Wednesday that China Construction Bank was selected as the first yuan clearing bank in London.

Global financial capitals, such as London and Singapore, have been racing to secure a slice of the fast-growing RMB offshore business.

Industrial and Commercial Bank of China was previously selected to provide yuan clearing services in Singapore, while Bank of China was designated as yuan clearing bank in Australia. (Reporting by Aileen Wang and Jason Subler)

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