BEIJING--China has authorized JPMorgan Chase (JPM) to conduct yuan-clearing business in the U.S., as Beijing pushes to increase offshore use of the yuan.

The choice of the biggest U.S. bank by assets was made according to an agreement with the U.S. Federal Reserve, the People's Bank of China said in a statement published on its website Tuesday. The brief statement was dated Feb. 9th.

China and the U.S. would each pick a yuan-clearing bank in the U.S., officials said at the bilateral Strategic and Economic Dialogue in 2016.

The PBOC named Bank of China's branch in New York City to handle yuan transactions in 2016.

Write to Liyan Qi at liyan.qi@wsj.com

(END) Dow Jones Newswires

February 13, 2018 03:52 ET (08:52 GMT)

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