China will establish a renminbi clearing bank in the U.S. in the future, said Yi Gang, deputy governor of the People's Bank of China (PBOC) Tuesday.
After the third panel discussion of the eighth round of China-U.S. Strategic and Economic Dialogues (S&ED), Yi held a media briefing on financial stability and regulation cooperation.
Before the S&ED, when talking about the exchange rate of China's yuan, U.S. Treasury Secretary Jacob Lew said that PBOC lacks communication with the public on the issue. Lew said that the U.S. will not criticize China if the Chinese government allows the exchange rate to fluctuate freely.
At the briefing, Yi responded that the exchange rate of China's yuan is stable and transparent and the rate is determined by supply and demand factors. China has good communication with Federal Reserve, Yi added.
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