China Extends Yuan Clearing Network, RQFII Program to Chile

China named its first clearing bank in Latin America and extended a program to invest in the world’s second-largest economy as it intensifies efforts to increase the currency’s global usage.

The People’s Bank of China named China Construction Bank Co. as the yuan-clearing bank in Chile on Monday, and allocated 50 billion yuan ($8.1 billion) in Renminbi Qualified Foreign Institutional Investor quotas. The nations also signed a three-year, 22 billion yuan currency-swap deal, the PBOC said in a statement on its website. Premier Li Keqiang was visiting Chile as part of a Latin America tour that included Brazil, Colombia and Peru.