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Swiss bank ZKB signs renminbi clearing agreement with CCB

ZURICH, Sept 15 Local-government owned Swiss bank Zuercher Kantonalbank signed a renminbi clearing agreement with China Construction Bank's Zurich branch, the banks said on Thursday.

"We have made very good progress in our first year in Switzerland," David Weiyun Gong, general manager of CCB in Zurich, said in a statement. "The partnership with Zuercher Kantonalbank underscores the performance of our platform for the renminbi hub."

State-owned CCB received a Swiss banking licence last October.

Switzerland's central bank last year agreed with the People's Bank of China (PBOC) to establish clearing arrangements in Switzerland for renminbi trading and extend a pilot scheme for clients of Swiss banks.

(Reporting by Joshua Franklin)

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