China names JP Morgan Chase Bank as yuan clearing bank in US

BEIJING - The People's Bank of China (PBOC), the central bank, said Tuesday that it had authorized JP Morgan Chase Bank to provide renminbi clearing services in the United States.

The decision was made to implement the results of the eighth round of China-US Strategic and Economic Dialogue and in accordance with a memorandum of cooperation signed between the PBOC and the US Federal Reserve Board, the central bank said in a statement on its website.

No further details were given by the central bank.