JP Morgan Chase Co. has been named by the Chinese government as the national clearing house for the yuan, Reuters reports, in an agreement made between the U.S. Federal Reserve and the People’s Bank of China.
Following a strategic and economic dialogue between the U.S. and China in 2016, both countries resolved to pick a yuan clearing house, the Bank of China acting as the U.S. choice in the States.
The announcement comes at a time of rapid appreciation in the Chinese currency, which the government hopes will continue to gain global clout. January was the 12th consecutive month of appreciation for the yuan, which stands at record highs against the dollar.
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