China names Bank of China as yuan clearing bank

16:47 - 30 September 2015

A man is silhouetted in front of a Bank of China's logo at its branch office in Beijing July 14, 2014. REUTERS/Kim Kyung-Hoon

The People's Bank of China (PBOC) said on Tuesday that it had signed a memorandum of understanding on yuan clearing with Zambia's central bank.

China's central bank said on Wednesday that it had appointed the Bank of China, the country's fourth-largest bank, to clear yuan transactions in Zambia.

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In a separate statement, PBOC said it had signed an agreement with its Kyrgyzstan counterpart to boost cooperations on currency swap and promote the use of local currencies for payment settlement.