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First Japanese lender to be designated as yuan clearing bank

MUFG Bank considered strong candidate to work more closely with its Chinese unit

China's government, trying to internationalize its currency, is about to make it easier for a Japanese bank to conduct yuan-based transactions. (Photo by Akira Kodaka)

TOKYO -- China plans to designate its first Japanese bank as a yuan clearing bank, according to government sources.

MUFG Bank is considered a strong candidate.

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