China’s central bank has designated an official renminbi clearing and settlement bank for New York City, filling in the final significant gap in a network of offshore institutions designed to promote greater international use of the Chinese currency.
The People’s Bank of China chose the New York City branch of Bank of China as the official clearing bank,the PBoC said on Tuesday. The designation adds to a roster of Chinese state-owned banks that serve the same
function in Hong Kong, London, Singapore, Frankfurt, Paris, Johannesburg and Sydney, among other locations.
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