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Bank of China launches yuan services in New York

Source:   Time:

The state-owned Bank of China says its New York City branch has begun offering accounts denominated in yuan. That's in a new move to expand the currency's global reach.

The change at Bank of China was announced in a posting dated December 2010. And means that customers can trade in yuan in the US, rather than having to do so in Hong Kong. The New York branch of China's fourth-largest bank now lets companies and individuals buy and sell the yuan, via accounts with its U.S. branches.

The move is seen as another small step to re-denominate trade in yuan, after persuading Mainland importers and exporters to reduce the amount of trade they settle in U.S. dollars.

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