Michael Bloomberg to chair group to establish yuan clearing in U.S.

Former New York City Mayor Michael Bloomberg will chair a group that will push to establish a clearing hub for China’s renminbi currency in the United States, the group said on Monday.

The move comes as the International Monetary Fund plans to announce that the renminbi, or yuan, will be added to its reserve currency basket, an acknowledgment of the nation’s importance as a world economy. Its weight in the index is unclear.

In August of this year, the yuan ranked fourth in terms of world payments, with about 2.8 percent of transactions, an area where the dollar and euro are most dominant. Sterling ranks third, according to global transaction services company SWIFT. Reuters