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.