China forex drive continues

They follow the 53 institutions that have been allowed to conduct yuan business in China in the cities of Shanghai, Shenzen, Tianjin and Dalian since 1996.

The bank also authorised yuan trading in an additional five cities -- Gangzhou, Zhuhai, Qingdao, Nanjing and Wuhan.

A spokesperson for the PBoC declined to name the newly authorised institutions, but Citigroup and HSBC have both previously announced that they are among them (FX Week, March 25).

According to a PBoC statement, at the end

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