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U.K. Becomes First Foreign Country With Two Chinese-Owned Yuan Clearing Banks

Published: Feb. 10, 2026 2:13 p.m. GMT+8

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Bank of China Ltd.’s (BOC) London branch. Photo: BOC

The U.K. has become the first foreign country to host two Chinese banks as yuan clearing institutions, strengthening London’s role in offshore yuan trading.

China’s central bank said Monday that it has designated Bank of China Ltd.’s London branch as a yuan clearing bank in the U.K. The authorization was dated Jan. 29, during British Prime Minister Keir Starmer’s visit to Beijing.

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The UK is the first foreign country to host two Chinese yuan clearing banks, enhancing London's offshore yuan trading role.
Bank of China’s London branch was designated as a new yuan clearing bank during Prime Minister Keir Starmer’s Beijing visit.
London is the world’s second-largest offshore yuan hub; China has named 38 yuan clearing banks in 33 countries as of February.

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Who’s Who

Bank of China Ltd.: Bank of China Ltd.'s London branch was designated as a yuan clearing bank in the U.K. on January 29, during Keir Starmer's visit to Beijing. This makes the U.K. the first foreign country to host two Chinese banks as yuan clearing institutions, strengthening London's role in offshore yuan trading.

Industrial and Commercial Bank of China Ltd.: Industrial and Commercial Bank of China Ltd. (ICBC), through its London branch, has served as the UK's first yuan clearing bank since 2014. This makes the UK the first foreign country to host two Chinese banks as yuan clearing institutions, with ICBC being one of them.

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What Happened When

2014：: Industrial and Commercial Bank of China Ltd.’s London branch has served as the U.K.’s first yuan clearing bank.

January 29, 2026：: Bank of China Ltd.’s London branch was authorized as a yuan clearing bank in the U.K. during British Prime Minister Keir Starmer’s visit to Beijing.