Europe sees more RMB settlement

Added On July 14, 2014

According to a report unveiled Saturday by the Bank of China, China-Europe settlement of Chinese currency renminbi, or yuan, saw fast growth in May.
The report shows the yuan settlement amount between Chinese mainland and four European countries -- Germany, Britain, Luxembourg and France -- doubled from a year earlier, with their total taking up a share of 8 percent in China's overall cross-border yuan settlement.
In spite of the strong growth in Europe, Asia continued to take the lion's share. 
Hong Kong, Macao, Taiwan, Singapore, Japan, South Korea and Vietnam jointly took up 77.5 percent of the total.
In May, total cross-border yuan settlement amounted to 594.2 billion yuan (96.67 billion U.S. dollars), surging 52.6 percent year on year.
Last month, China's central bank appointed clearing banks for yuan businesses in London and Frankfurt, and signed two memorandum of understanding(MOUs) on renminbi clearing with the central banks of Luxembourg and France.