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China sets yuan clearing bank in Seoul during historic Xi visit

SHANGHAI--China designated a clearing bank in Seoul for yuan transactions in South Korea on Friday, coinciding with a visit by President Xi Jinping, as Beijing promotes greater use of its currency overseas.

China's central bank has authorized the Bank of Communications, the country's fifth largest lender, to undertake yuan clearing business in the South Korean capital, the People's Bank of China (PBOC) said in a statement.

The announcement came as Chinese President Xi Jinping wrapped up a state visit to South Korea on Friday.

China is seeking to make the yuan — also known as the renminbi — used more internationally in keeping with the country's status as the world's second biggest economy behind the United States.

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