The selection of Japan’s largest bank, MUFG Bank, to clear Chinese yuan transactions is the latest step in the warming of economic relations. Photo: AFP
The selection of Japan’s largest bank, MUFG Bank, to clear Chinese yuan transactions is the latest step in the warming of economic relations. Photo: AFP

China may be courting Japan to cooperate with belt and road to allay controversy after yuan clearing deal

  • The People’s Bank of China last month named MUFG Bank as the first yuan clearing bank in Japan, and only the second non-Chinese bank after JPMorgan
  • President Xi Jinping’s Belt and Road Initiative has received criticism over the skyrocketing costs of many of its projects as well as claims of corruption

The selection of Japan’s largest bank, MUFG Bank, to clear Chinese yuan transactions is the latest step in the warming of economic relations. Photo: AFP
The selection of Japan’s largest bank, MUFG Bank, to clear Chinese yuan transactions is the latest step in the warming of economic relations. Photo: AFP
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