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Bank of China Promotes RMB Business in Los Angeles

"As The People's Bank of China (BOC) has announced that Bank of China New York branch as the first Renminbi (RMB) clearing bank in the United States, BOC is now introducing more RBM products and offering more RMB services to US investors," Xu Haifeng, Executive VP of Bank of China USA said.


At a Seminar on RMB Business Development held in downtown Los Angeles, BOC staff briefed the monetary policy, situation and services in China to over 100 local bankers, analysts, and investors, aiming to let more American investors understand the Chinese economic and trading market.


The People's Bank of China announced on September 21 that it had authorized BOC's New York branch to provide RMB clearing services in the United States. This designation will further facilitate RMB usage in the country and cross-border transactions, and bring two-way trade, investment and economic cooperation to new heights.


"Nowadays, RMB business is developing more and more faster in the U.S., many Chinese companies are investing in the U.S. directly and many American companies are going to China," Xu Haifeng told Xinhua at the seminar.


"We are having this seminar to talk about the RMB business development in cross-border trade. We hope more American investors and clients to know about this."


With six sessions, the seminar focused on the latest topics including: A new stage in China' s economy-situation and policy prospects; overview of RMB onshore FX and bond market; China interbank bond market; market outlook of RMB internationalization, BOC's global RMB clearing service and evolution of offshore RMB market.


"We are talking about, for example, the risk prevention of RMB interest rates, swap, RMB cross-border trade, and RMB Qualified Foreign Institutional Investors, or as we call it RQFII," Xu Haifeng added.


(Xinhua News Agency September 25, 2016)

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