LME Clear launches new RMB initiative

London has been keen to encourage offshore trade in the Chinese Renminbi to bolster its position as the world’s main centre for foreign exchange trading.
And that’s what the clearing house for the London Metal Exchange, or LME, is doing.
The clearing house, called LME Clear, announced Tuesday that it can now accept offshore Renminbi, or CNH, as eligible cash collateral, effective immediately.

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