UPDATED 10:18 AM PT — Tues. February 13, 2018
China’s central bank names J.P Morgan as the first non-Chinese bank to promote the global use of its currency.
The People’s Bank of China said J.P Morgan Chase will be the first Yuan clearing bank in the U.S.
This is considered to be Beijing’s most recent attempt to expand into U.S. currency markets in order to gain advantage in international trade.
The agreement was reached under the U.S.-China Strategic and Economic Dialogue, and was approved by the Federal Reserve.
This comes after China launched Yuan oil futures, seeking to undermine the petrodollar system.
This move brings China one step closer to making Yuan a global reserve currency.