China says designates clearing bank for renminbi business in New York

September 20, 2016 10:09 PM EDT

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NEW YORK (Reuters) - Chinese Premier Li Keqiang said on Tuesday that China had decided to designate a Chinese investment bank as a clearing back for renminbi business in New York.

He did not name the Chinese investment bank when making the announcement at a business dinner in New York, where he has been attending the United Nations General Assembly.

"As I am in New York, I want to say that we have decided to designate a Chinese investment bank as a clearing bank for RMB in New York," he said.

"And we also welcome those foreign banks in New York which meet the eligibility requirements to become clearing banks for Chinese RMB business. I am sure that will only further boost our engagement."

Li also pledged that China would not engineer a devaluation of its currency to boost exports as its economy grows at its slowest rate in two decades.

Some critics in Washington have charged that Beijing is still manipulating its currency, although the U.S. Treasury says its assessment is that it is not undervalued.

(Reporting by David Brunnstrom; Editing by Alan Crosby)

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