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Future of the Yuan in America

U.S. and China agree on role of yuan, while sparring over Chinese factories' overcapacity in some sectors of manufacturing.

By Bloomberg News | Updated on June 07, 2016

U.S. and Chinese officials agreed to give the yuan a foothold in America while sparring over how to address excess capacity in China’s steel and aluminum industries, illustrating both the progress being made and hurdles that remain in the nations’ economic relationship.

Finishing two days of annual bilateral talks in Beijing on Tuesday, China said it will let foreign institutions raise 250 billion yuan (US$38 billion) in the U.S. to be invested in Chinese markets. China will also allow an American bank, which wasn’t identified, to clear yuan transactions outside of the mainland, with U.S. Treasury Secretary Jacob J. Lew saying participation in the yuan market opens an “important door.”

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