China Picks JPMorgan Chase as Yuan-Clearing Bank in U.S.
February 13 2018 - 4:07AM
Dow Jones News
BEIJING--China has authorized JPMorgan Chase (JPM) to conduct
yuan-clearing business in the U.S., as Beijing pushes to increase
offshore use of the yuan.
The choice of the biggest U.S. bank by assets was made according
to an agreement with the U.S. Federal Reserve, the People's Bank of
China said in a statement published on its website Tuesday. The
brief statement was dated Feb. 9th.
China and the U.S. would each pick a yuan-clearing bank in the
U.S., officials said at the bilateral Strategic and Economic
Dialogue in 2016.
The PBOC named Bank of China's branch in New York City to handle
yuan transactions in 2016.
Write to Liyan Qi at liyan.qi@wsj.com
(END) Dow Jones Newswires
February 13, 2018 03:52 ET (08:52 GMT)
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