Tuesday, July 28, 2015

Yuan spreads to world’s biggest $15tn metals bourse

The London Metal Exchange (LME) on Tuesday started accepting yuan as collateral against contracts after getting permission from the Bank of England.

“The renminbi [yuan – Ed.] is on its way to becoming one of the world’s most widely-used currencies. We are pleased to be able to help our members take advantage of the opportunities arising from the renminbi’s internationalization,” Trevor Spanner, chief executive of LME Clear, said in a statement.

There are now five currencies used at the LME: US dollars, euro, British pounds, Japanese yen and offshore renminbi .... http://www.rt.com/business