The Bank of England has long had the right to hand out as many British bank notes as it sees fit. But Threadneedle Street may soon be able to dish out China’s currency as well.
The UK’s central bank said on Friday it was on the verge of signing an agreement with its counterpart, the People’s Bank of China, which would allow it to lend a limited amount of renminbi to British lenders. In return, the PBOC would be allowed to print pounds.
The deal is designed to spur trade and investment between the two countries and solidify the City of London’s reputation as an offshore trading hub for the Chinese currency.
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