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<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&rsquo;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'>&ldquo;We also welcome banks in New York that meet the requirements to become a clearing bank for renminbi,&rdquo; 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&rsquo;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 class='speak-button'></button></div></div></div>

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