OREANDA-NEWS. July 09, 2014. The People’s Bank of China and Banque de France signed a MOU on Establishing RMB Clearing Arrangements in Paris. Afterwards, a RMB clearing bank in Paris will be designated by the People’s Bank of China.

The People’s Bank of China and Banque de France agreed to coordinate and cooperate on supervision and oversight of the RMB business, information exchange, and assessment and improvement of the system.

The establishment of RMB clearing arrangements in Paris will promote the use of RMB in cross-border transactions by enterprises and financial institutions in China and France, and further facilitate bilateral trade and investment.