China has established a clearing center for its money in the United States. The Bank of China’s office in New York City is the first U.S. clearing center for the renminbi, or RMB. Chinese officials made the announcement last week. Premier Li Keqiang spoke at a dinner with the Economic Club of New York. He invited other banks to work with buyers and sellers of the RMB. “We also welcome banks in New York that meet the requirements to become a clearing bank for renminbi,” Li said. The South China Morning Post reported his comments. Some people see China’s move as an attempt to show that the RMB, also known as the yuan, is competitive with the U.S. dollar as a major currency. They say there is no reason for China to have U.S. banks serving as clearing centers for its money. Currently, there are clearing banks in a number of financial centers, including Hong Kong, London, Singapore and Toronto.
Title: China to Trade its Currency in US
Content: <div id='article-page'><div id='article-content' data-media-url='//news-app-staging.s3.amazonaws.com' data-base-url='//news-app-staging.herokuapp.com' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1407/US_currency_in_China.m4a' data-capture-url='//staging.analytics.lingraphica.com/events/capture_news' data-article-title='China to Trade its Currency in US' data-article-id='1904'><script src='//news-app-staging.herokuapp.com/javascripts/getscripts.js'></script><link rel='stylesheet' href='//news-app-staging.herokuapp.com/stylesheets/article.css' type='text/css' /><div class='article'><p><span data-start-time='0' data-end-time='6729'>China has established a clearing center for its money in the United States.</span> <span data-start-time='6729' data-end-time='18604'>The Bank of China’s office in New York City is the first U.S. clearing center for the renminbi, or RMB.</span> <span data-start-time='18604' data-end-time='23875'>Chinese officials made the announcement last week.</span> <span data-start-time='23875' data-end-time='31188'>Premier Li Keqiang spoke at a dinner with the Economic Club of New York.</span> <span data-start-time='31188' data-end-time='38958'>He invited other banks to work with buyers and sellers of the RMB.</span> <span data-start-time='38958' data-end-time='49979'>“We also welcome banks in New York that meet the requirements to become a clearing bank for renminbi,” Li said.</span> <span data-start-time='49979' data-end-time='55563'>The South China Morning Post reported his comments.</span> <span data-start-time='55563' data-end-time='70104'>Some people see China’s move as an attempt to show that the RMB, also known as the yuan, is competitive with the U.S. dollar as a major currency.</span> <span data-start-time='70104' data-end-time='80146'>They say there is no reason for China to have U.S. banks serving as clearing centers for its money.</span> <span data-start-time='80146' data-end-time='92479'>Currently, there are clearing banks in a number of financial centers, including Hong Kong, London, Singapore and Toronto.</span> </p></div><div class='control-buttons-sticky' style='display:none;'><div class='control-buttons'><button title='Back' class='back' disabled='disabled'></button><button title='Play' class='play' disabled='disabled'></button><button title='Pause' class='pause' style='display:none;'></button><button title='Forward' class='forward' disabled='disabled'></button><button class='finished-reading' style='display:none;'>Done</button></div></div></div><div id='article-media'><div id='media-image'><img src='https://news-app-production.s3.amazonaws.com/articles/1407/US_Currency_in_China.jpg'/></div></div><div id='question-content' style='display:none;'><div class='vocabulary_question question-container' data-question-id=7288 data-hint-location='55563' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1407/what_does_currency_mean.m4a'>What does currency mean?</div><div class='choices' data-correct-choice='money'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1407/drugs.m4a'><span>drugs</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1407/money.m4a'><span>money</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1407/rules_regarding_money.m4a'><span>rules regarding money</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1407/coins.m4a'><span>coins</span></div></div></div><div class='multiple_choice_question question-container' data-question-id=7289 data-hint-location='80146' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1407/which_location_does_not_contain_clearing_banks.m4a'>Which location does not contain clearing banks?</div><div class='choices' data-correct-choice='Syria'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1407/syria.m4a'><span>Syria</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1407/london.m4a'><span>London</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1407/singapore.m4a'><span>Singapore</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1407/toronto.m4a'><span>Toronto</span></div></div></div><div class='sentence_completion_question question-container' data-question-id=7290 data-hint-location='0' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1407/china_has_established_a_clearing_center_for_its_money_in__blank_.m4a'>China has established a clearing center for its money in <span class='blank'>the United States</span>.</div><div class='choices' data-correct-choice='the United States'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1407/italy.m4a'><span>Italy</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1407/russia.m4a'><span>Russia</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1407/the_united_states.m4a'><span>the United States</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/1407/syria.m4a'><span>Syria</span></div></div></div><div class='question-buttons'><button class='skip-button'></button><button class='hint-button'></button><button 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