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JPMorgan boosts yuan's weight, lowers US$'s in currency indexes

Bank's change emblematic of China's drive to make renminbi suitable currency for global trade and finance

The US is holding back on allowing its firms to adopt the yuan. Since 2010, only 10 per cent of US companies have received and paid proceeds in renminbi, compared with global average of 17 per cent.

New York

CHINA's efforts to challenge the hegemony of the US dollar just got a boost from JPMorgan Chase & Co.

For the first time in 15 years, the New York-based bank increased the yuan's weighting in its foreign-exchange indexes, meanwhile lowering the dollar's, to reflect