China has launched yuan trading for customers in the U.S., The Wall Street Journal reports. The Bank of China (BoC) will consider both onshore and offshore yuan trading when setting the exchange rate of the currency for the U.S. market.
A corporation or individual will be required to open a yuan account with one of the bank’s branches in New York and Los Angeles. BoC has restricted the amount of yuan that can be converted by a U.S. individual customer to up to $4,000 per day.
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