San Francisco Said to Discuss Making City Offshore Yuan Center
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San Francisco Mayor Edwin Lee discussed ways to make the city an offshore yuan hub in a meeting with Bank of China Ltd. executives this week, said two people with knowledge of the matter.
The Sept. 9 meeting in San Francisco also included officials from the city’s Chinese consulate and was a preliminary discussion, said the people, who asked not to be identified as the talks are private. State-owned Bank of China clears yuan transactions in Hong Kong and Taiwan, enabling companies in those locations to use the Chinese currency in trade and finance.