By Gertrude Chavez-Dreyfuss and Julie Haviv
State-owned Bank of China Ltd has opened trading in the yuan currency to U.S. customers, according to a posting on the bank’s website dated December 2010.
The move, seen as a strong endorsement of foreign trading in the yuan, or renminbi, comes ahead of a scheduled visit to Washington by Chinese President Hu Jintao next week. The visit may again spotlight China’s exchange rate policies.
The website for the Chinese bank’s New York branch said it now lets companies and individuals buy and sell the yuan through accounts with its U.S. branches, although U.S. businesses and individuals can also trade the currency through Western banks.
