Wine exchange shuts down amid crisis
A wine exchange has shut down as it grapples with a crisis in China.
The Saratoga Exchange in Chatsworth, Calif., said Tuesday that it had decided to close its doors.
The company said it had reached an agreement with the Federal Reserve Bank of New York to allow the exchange to reopen as a depository for the Chinese yuan.
The exchange has been closed for a week.
Saratogas board said in a statement that it would continue to operate as a trade platform for the yuan, and said it was committed to providing timely trading and other support for its clients.
The U.S. Department of Treasury said in February it was looking into whether to issue a preliminary order to the Treasury Department that would allow the U.K. to use the exchange as a front for its yuan trading operations.
Read more about Saratagos market and the U of C’s trade deficit, below: Read the story from the New York Times.