The story appears on

Page A12

February 14, 2018

GET this page in PDF

Free for subscribers

View shopping cart

Related News

Home » Business » Finance

JPMorgan Chase to clear yuan

China’s central bank yesterday named JPMorgan Chase & Co as a yuan clearing bank in the United States, as Chinese authorities seek to boost global use of the yuan.

The choice of the largest US bank by assets was made according to an agreement with the Federal Reserve, the People’s Bank of China said in a short statement on its website.

Senior Chinese and US officials agreed to facilitate yuan trading and clearing in the US during a bilateral Strategic and Economic Dialogue in 2016.

In September 2016, the PBOC named Bank of China’s New York branch to be a yuan clearing bank in the United States.

There are some signs of a revival in the international use of the Chinese currency after several years in the doldrums.

China’s non-financial outbound direct investment surged nearly 40 percent in January from a year earlier, data showed yesterday, in the latest sign that the government may be slowly easing tough foreign exchange restrictions.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend