Statement true about city dumping yen (7)
I believe the answer is:
recital
'statement' is the definition.
(recital is a kind of statement)
'true about city dumping yen' is the wordplay.
'true' becomes 'real' ('real' can be similar in meaning to 'true'**).
'about' means one lot of letters goes inside another.
'dumping' indicates named letters should be taken away.
'yen' becomes 'y'.
'city' with 'y' taken out is 'cit'.
'real' placed around 'cit' is 'RECITAL'.
(Other definitions for recital that I've seen before include "Public performance of music" , "One's performance" , "Concert performed by a solo musician" , "Verbal account" , "Concert by soloist" .)