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.

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