Competition for Yuan Clearing in Europe Intensifies As Paris Enters the Race

``The Chinese central bank, the People's Bank of China, has signed a separate memoranda of understanding (MOU) with two of its European counterparts over the weekend to create yuan clearing centers on the continent, it was announced today. Banque de France announced it has signed a MOU with the People's Bank of China to set up a clearing center for Euro/CNH in Paris after the Central Bank of Luxembourg made a similar announcement less than a day before. It is still unknown when the designated clearing banks will be announced, but they can be expected to be local branches of Chinese state-owned banks.''