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Quick Take: JPMorgan Becomes First Non-Chinese Yuan Clearing Bank

Photo: IC
Photo: IC

The People’s Bank of China (PBOC) has named JPMorgan Chase & Co. as the first non-Chinese bank to provide yuan clearing services abroad — a further attempt to promote yuan internationalization.

The decision implements the results of the eighth round of the China-U.S. Strategic and Economic Dialogue and is in accordance with a memorandum of cooperation signed between the PBOC and the U.S. Federal Reserve Board, the central bank said in a statement on Tuesday.

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