BEIJING, Feb. 9 -- The People's Bank of China on Monday announced that it has authorized the Bank of China's (BOC's) London branch as a renminbi (RMB) clearing bank in Britain.

The central bank announced the decision in a memorandum of understanding with the Bank of England.

Drawing on a century of expertise in cross-border finance and its well-established RMB clearing network, the BOC continues to strengthen supportive infrastructure for the internationalization of the renminbi, according to the BOC.

It said that in the future, further efforts will be made to promote the development of London's offshore RMB market while pursuing continued innovation in areas such as trading, investment, financing, and clearing and settlement.