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
Topic |   China economy

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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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