China will create the clearing bank in the USA for settlement in yuans as well as welcomes to cooperate with US banks, Premier of the People's Republic of ChinaLi Keqiang said, PRIME reports.
According to South China Morning Post, Li Keqiang said about it at the meeting in New York. “We also welcome banks in New York, which will comply with necessary requirements, to become clearing banks for settlement in yuan”, the China’s Premier said, adding that “it will help further strengthening our cooperation”.
In June, Deputy Governor of the People’s Bank of China Yi Gang stated that clearing and settlement services in Chinese currency became popular on US market; that is why China plans to create in the United States the clearing bank for settlement in yuans.
According to South China Morning Post, the People’s Bank of China stated that it authorized the Bank of China’s branch in New York to become the clearing bank for settlement in yuans in the USA.
Premier of the People's Republic of China highlighted the progress at the negotiations between Beijing and Washington on the Bilateral Investment Treaty (BIT). “While the parties have the pragmatic and flexible approach, I am confident that we will be able to reach agreement, which will comply with high standards and will be profitable for both parties”, - Li Keqiang added. According to him, currently the parties hold the 29th round of negotiations on the treaty.
In early September, Official Representative of the Ministry of Commerce Sun Jiwen noted that China and USA achieved significant progress at the negotiations on the Bilateral Investment Treaty. Since 2008, China and USA negotiate on reaching agreement about bilateral investment. This agreement is aimed at establishing mutual rules of investment activities in each of the countries. This agreement can provide US companies with open access to Chinese market and the rights that are equal with Chinese companies.
