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.