PBOC Names JPMorgan First Non-Chinese Yuan Clearing Bank

The People’s Bank of China appointed JPMorgan Chase Bank N.A. as a yuan clearing bank in the U.S., the first non-Chinese lender for such a role globally and a further step to promote international use of the currency.

The arrangement is made under the auspices U.S.-China strategic economic dialogue and in conjunction with the U.S. Federal Reserve, according to a statement posted on the People’s Bank of China website on Tuesday. Bank of China Ltd.’s New York branch already conducts such business in the U.S. and other Chinese lenders clear yuan payments in a number of countries.