China says designates clearing bank for renminbi business in New York
- Wall Street rallies as OPEC reaches output deal
- Pier 1 Imports (PIR) Reports In-Line Q2 EPS; Comps Fall 4.3%
- Intra-Cellular Therapies (ITCI) Announces ITI-007 Phase 3 Missed Primary Endpoint in Schizophrenia
- Vertex Pharma (VRTX) Announces FDA Approval for ORKAMBI in Children 6-11; Lowers 2016 ORKAMBI Revenue Outlook
- After-Hours Stock Movers 09/28: (AEGR) (PIR) (GSAT) Higher; (ITCI) (ATNM) (PRGS) Lower (more...)
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
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)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- As Philippines' Duterte visits Vietnam, U.S. jibes hang over new partnership
- Rise in Nigerian sex slavery in Italy fueled by violence and 'juju' magic
- Two Pakistani soldiers killed in exchange of fire with India in disputed Kashmir
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!