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MUFG becomes yuan-clearing bank

  • June 28, 2019
  • , NHK WORLD
  • English Press

MUFG Bank has become the first Japanese financial institution to be designated a yuan-clearing bank.

 

China’s central bank granted the designation after a summit between Prime Minister Shinzo Abe and Chinese President Xi Jinping on the sideline of the G20 meeting in Osaka, Japan.

 

Japanese businesses can now settle their yuan-denominated transactions through MUFG instead of using financial institutions in China.

 

Beijing is easing regulations to promote international use of the yuan, in a bid to show the world it is opening up its financial markets.

 

Attention is now focused on whether the designation will spur more investment in China by Japanese companies.

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