14:14 GMT +319 November 2019
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    Yuan banknotes and US dollars are seen on a table in Yichang, central China's Hubei province on August 14, 2015

    China to Create First Yuan Clearing Bank in US

    © AFP 2019 / STR
    Asia & Pacific
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    China is going to create the first yuan clearing bank in the United States and will welcome US banks willing to become clearing banks, Chinese Premier Li Keqiang said.

    BEIJING (Sputnik) – The Chinese central bank authorized the New York branch of the Bank of China to be a clearing bank in the United States, the South China Morning Post reported.

    “We also welcome banks in New York that meet the requirements to become a clearing bank for renminbi [another name of Yuan]. I’m sure that will further boost our cooperation,” Li said at a business dinner in the Economic Club of New York on Tuesday.

    The prime minister also assured US business leaders concerning the access to the Chinese market.

    “As our business sectors mature, we will gradually advance its opening-up and widen the access to more sectors for foreign investors,” Li said.

    He also said that China would not devalue its currency to boost export.

    Li added that China and the United States would reach a high standard and mutually beneficial bilateral investment treaty (BIT) that is being negotiated since 2008 if both sides held a pragmatic and flexible attitude.

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