Europe helps boost yuan use internationally

Yuan activities are accelerating across European financial centers including London, Paris and Luxembourg, signaling a big step forward in the internationalization of the currency and Europe's crucial role in supporting this process.

Following the UK-China Economic and Financial Dialogue on Sept 12, the UK government announced that it will issue the first sovereign renminbi bond outside China, worth 2 billion yuan ($325 million).

Industrial and Commercial Bank of China Ltd has received a branch license for wholesale operations in the United Kingdom, becoming the first Chinese bank to do so after recent regulatory changes. The changes resulted from intense lobbying by Chinese banks in recent years, given that previously foreign banks were only allowed subsidiaries in London.