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100 Yuan notes are seen in this illustration picture in Beijing November 5, 2013.
100 Yuan notes are seen in this illustration picture in Beijing November 5, 2013.
(Jason Lee/Reuters)

Becoming a hub for Chinese money is tougher than it seems

On June 22, banking leaders in the U.K. and China signed a deal intended to open a torrent of new London trade in the RMB, the Chinese currency whose global importance is rising nearly as fast as China’s. It was, the BBC said, a 200-billion yuan ($35.1-billion) three-year contract “likely to boost trade between the U.K. and China in the yuan.”