U.S. Moves Toward Setting Up Yuan Trading and Clearing in America
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The U.S. took an unprecedented step toward allowing trading and clearing of the Chinese yuan in America.
Finance and industry leaders said Monday they are setting up a group aimed at allowing U.S. institutions to make or receive yuan payments, according to a press statement released before the International Monetary Fund said it will add the currency to its Special Drawing Rights basket. The road map will be subject to review by U.S. authorities, with the aim of lowering transactional costs and helping build stronger trade and business partnerships, they said.