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New York is looking to join a short list of global hubs that are established renminbi trading centers, aiming to tap into the Chinese currency’s insatiable growth in usage in recent years. Indeed, the bid to become one of the marquee nexuses for renminbi use has been met with recent challenges, though success in this realm could make New York one of just three other cities, i.e. Hong Kong, London, and Singapore, that process large volumes of RMB payments.
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