U.S. Gets First Yuan Clearing Bank

(Beijing) — China's central bank on Wednesday authorized Bank of China's New York branch to deal with renminbi clearing, making it the first offshore yuan clearing bank in the U.S.

The People's Bank of China has set up 21 yuan clearing banks in regions that include Southeast Asia, Europe, the Middle East, Australia and Africa as a way to expand the use of the yuan and to attract capital into the mainland market.