China Construction Bank authorised as renminbi clearing bank in Switzerland

The Swiss National Bank (SNB) has announced that China Construction Bank (CCB) has been given authorisation by the People's Bank of China to become the renminbi clearing bank in Switzerland, as of today. "The availability of renminbi clearing services will facilitate and promote the use of renminbi in cross-border transactions between companies and financial institutions" said the SNB, adding that the development of a renminbi market in Switzerland would boost Switzerland as a financial centre.

BEIJING -- China Construction Bank, a leading Chinese State-owned lender, has been authorized to conduct renminbi clearing business in Zurich, Switzerland, China's central bank said on Monday.

The authorization came after a cooperation memorandum was reached between the two nations' central banks, said the People's Bank of China.

Renminbi clearing in overseas markets has become a major tool in promoting globalization of the yuan, the Chinese currency. It has been established in China's Hong Kong and Macao, as well as foreign cities including Singapore, London, Frankfurt, Seoul, Paris, Luxembourg, Doha, Toronto and Sydney.