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Li, Merkel agree on Frankfurt bourse for yuan-based trading

BEIJING -- China and Germany will set up the first offshore exchange for yuan-denominated financial instruments in Frankfurt, a win for both sides as one seeks to build its currency's global reputation and the other looks to secure its share of the yuan trade amid European competition.

     Premier Li Keqiang and Chancellor Angela Merkel signed agreements on the project and other economic measures in talks here Thursday that stretched to 70 minutes from the planned half-hour. Merkel asserted Germany's strong confidence in China's economic development. Li noted that China could learn a great deal from, and is a fertile market for, German business.

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