London’s yuan push stirs hopes of Eurodollar-style boom

A Bank of England pledge to help London become a global trading centre for China’s yuan has stirred talk of a revival in the city’s fortunes, similar to the explosion of the US dollar market in the 1960s and 70s.

In what many bankers saw as a pivotal move, the British central bank said last month it was ready “in principle” to adopt a currency swap line with the People’s Bank of China, providing a two-way pipe to the City as the still-unconvertible yuan starts to emerge as a world reserve currency.

via Business feed http://www.scmp.com/business/economy/article/1149365/londons-yuan-push-stirs-hopes-eurodollar-style-boom