Bank of England, People's Bank of China in Deal to Settle Yuan Trades  Agreement Boosts London as Trading Hub for Renminbi   WSJ   March 26, 2014

LONDON--Britain moved a step closer Wednesday to cementing its status as the Western hub for financing and trade in the Chinese yuan with an agreement to set up the first official clearing service for the currency outside Asia.

Chancellor George Osborne said the Bank of England and the People's Bank of China 601988.SH +0.38% will sign a memorandum of agreement on Monday to cover how they will share in the operations, with a clearing bank to be named later.

The plan, which Mr. Osborne had flagged earlier this year, is the latest coup for London in its efforts to facilitate trade and investment in the Chinese currency and attract more business from banks, companies and investors. The new service means that yuan transactions can be settled in the U.K. capital, instead of having to go through agent banks in mainland China or the Bank of China in Hong Kong. Singapore and Taiwan also offer clearing services through Chinese bank branches.

Bundesbank, PBOC in Pact to Turn Frankfurt Into Renminbi Hub  Bloomberg  March 28, 2014

Germany's Bundesbank and the People's Bank of China agreed to cooperate in the clearing and settling of payments in renminbi, paving the way for Frankfurt to corner a share of the offshore market.

The central banks signed a memorandum of understanding in Berlin today, when Chinese President Xi Jinping met German Chancellor Angela Merkel, the Frankfurt-based Bundesbank said in an e-mailed statement.

Germany's financial capital prevailed over Paris and Luxembourg in a euro-area race to win trade in renminbi, which overtook the euro to become the second-most used currency in global trade finance in October, according to the Society for Worldwide Interbank Financial Telecommunication. The U.K. Treasury said on March 26 that the Bank of England would sign an initial agreement with the PBOC on March 31 to clear and settle yuan transactions in London.(My bold)

Perhaps the tense of the verb should be present imperfect, as in 'China is opening...'. But, regardless of actions in London or Frankfort, Russia has been settling ruble/yuan trades directly with China. They can also settle trades directly with Iran, and India, should they so choose.

"It is not necessary to have hope in order to persevere."