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Yuan deal of 'critical importance'

18 June 2014 Last updated at 22:51 BST

The boss of China's CCB bank, Wang Hongzhang, says an agreement with the Bank of England to become the London renminbi clearing house is of "critical importance".

It opens up new trading opportunities for UK and Chinese firms as deals can now be settled in London in local currency.

Mr Wang told the BBC's business editor, Kamal Ahmed, that it cemented London's place as the leading financial centre in Europe.

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