China says designates clearing bank for renminbi business in New York
- BAT Reaches Deal to Acquire Reynolds American (RAI) for $49 Billion
- Trump, Brexit uncertainty hit stocks and dollar, gold jumps
- Noble Energy (NBL) to Acquire Clayton Williams Energy (CWEI) for $2.7B in Cash and Stock
- UnitedHealth Group (UNH) Tops Q4 EPS by 4c; Affirms Outlook
- Oil rises on weaker dollar, Saudi commitment to cut output
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your 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
- Investor worries over Trump, U.S. policy on the rise: BAML
- Buoyant German investor morale brightens economic outlook for 2017
- UK top court says ex-Libyan rebel commander can sue former minister
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!