On 9 February 2026, the People’s Bank of China announced that Bank of China London Branch has been authorised to act as the Renminbi (RMB) clearing bank in the United Kingdom, in accordance with the Memorandum of Understanding between the People’s Bank of China and the Bank of England.
In recent years, the international use of the Renminbi has continued to achieve positive progress. Bank of China has consistently played a key role as a main channel for RMB business, actively improving its clearing network and supporting the development of cross-border RMB infrastructure. The Bank ranks first globally in both crossborder RMB clearing and settlement volumes.
Since establishing its office in London in 1929, Bank of China London Branch has remained committed to the UK market and has actively supported China–UK economic and financial cooperation. Going forward, the Branch will continue to leverage Bank of China’s global presence and comprehensive financial services capabilities to promote the development of the offshore RMB market in London and explore further innovation in clearing and settlement, trading, and cross-border investment and financing services.
