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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

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Published Wed, Apr 22, 2015 · 09:50 PM

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    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 China's surging share in global trade.

    YuanUS dollar

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