Santander gets renminbi licence

Spain’s biggest bank has secured a licence to trade renminbi in China, making it the first Spanish or Latin American bank to get permission to handle the Chinese currency. The bank said that the licence will boost its position as a provider of trade finance for exporters to and from China and will enable it to capture growing trade flows between Beijing and Latin America. The announcement coincided with a visit to China by bank chairman Emilio Botín.