Paris vies to be yuan hub
Paris has been accelerating the race with London to become a leading yuan trading center for Europe after the Bank of England said in March it had signed a three-year currency swap agreement with China that will allow the British central bank to supply 400 billion yuan (US$64.5 billion) to British banks.
Yuan deposits in Paris amount to 10 billion, making the French capital the second largest pool for the Chinese currency in Europe after London. Nearly 10 per cent of Sino-French trade is settled in yuan, according to the French central bank.
"The current level of offshore deposits and liquidity in Paris provides a good basis to foster growth in RMB products and services in the eurozone. The availability of a liquidity safety net in RMB in the euro area will further foster such growth," Noyer said.
His comments come ahead of an expected visit by French President Francois Hollande to China in late April.
