BEIJING -- China Construction Bank, a leading Chinese State-owned lender, has been authorized to conduct?renminbi clearing business in Zurich, Switzerland, China's central bank said on Monday.

The authorization came after a cooperation memorandum was reached between the two nations' central banks, said the People's Bank of China.

Renminbi clearing in overseas markets has become a major tool in promoting globalization of the yuan, the Chinese currency. It has been established in China's Hong Kong and Macao, as well as foreign cities including Singapore, London, Frankfurt, Seoul, Paris, Luxembourg, Doha, Toronto and Sydney.