China designates US’ first renminbi clearing bank: Premier Li Keqiang

Bank of China’s New York branch authorised for the role

China has designated the United States’ first renminbi clearing bank, Premier Li Keqiang said on Tuesday as he welcomed American banks to apply to become clearing banks.

China’s central bank said it had authorised the Bank of China’s New York branch to be a renminbi clearing bank in the United States.

“We also welcome banks in New York that meet the requirements to become a clearing bank for renminbi,” said Li as he addressed a business dinner hosted by the Economic Club of New York. “I’m sure that will further boost our cooperation.”

The announcement came only two weeks before the yuan’s inclusion into the International Monetary Fund’s international reserve asset, the Special Drawing Rights.

Full article: China designates US’ first renminbi clearing bank: Premier Li Keqiang (South China Morning Post)

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