BEIJING, Feb. 13 (Xinhua) -- The People's Bank of China (PBOC), the central bank, said Tuesday that it had authorized J.P. Morgan Chase Bank to provide Renminbi clearing services in the .

The decision was made to implement the results of the eighth round of China-U.S. Strategic and Economic Dialogue and in accordance with a memorandum of cooperation signed between the PBOC and the U.S. Federal Reserve Board, the central bank said in a statement on its website.

No further details were given by the central bank.