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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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.
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