According to online media outlet reuters.com, China’s central bank will award the mandate to Bank of China.CNY clearing banks increase the awareness of CNY usage among local companies and help CNY deposits to accumulate in a country.
Reserve Bank of Australia (RBA) deputy governor Philip Lowe said in July 2014 that the central bank was working with the People’s Bank of China (PBOC) on a memorandum of understanding that would allow a clearing bank to be selected in 2014
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