French clearing house to pave way for 'Eurorenminbi' market, says BoC Paris

The planned offshore renminbi clearing house in Paris will mark the first step towards the establishment of a broad offshore RMB ecosystem independent of central banks and reminiscent of the Eurodollar market, according to Peng Wei, deputy general manager of Bank of China Paris branch (BoC Paris), the firm that is at the heart of preparations for the launch of the system next year.