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US Clearing Center Is China's Latest Move to Make Yuan Global Currency

China this week established the first clearing center for the Chinese yuan, or RMB, in the United States. The move is seen by some as a signal China wants to take on the dollar on its home turf. But there is more than a sense of bravado behind the decision. This is a crucial time for the RMB, which is struggling to stay on course while preparing to enter the coveted currency basket of International Monetary Fund's Special Drawing Rights (SDR) on October 1. In financial terms, there...

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