Bank of China promotes RMB business in Los Angeles

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 renminbi products and offering more renminbi services to US investors." Xu Haifeng, Executive VP of Bank of China USA told Xinhua Sunday.

At a Seminar on renminbi 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 Wednesday that it had authorized BOC's New York branch to provide renminbi clearing services in the United States. This designation will further facilitate renminbi usage in the country and cross-border transactions, and bring two-way trade, investment and economic cooperation to new heights.

"Nowadays, renminbi business is developing more and more faster in the US, many Chinese companies are investing in the US 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 renminbi 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 renminbi onshore FX and bond market; China interbank bond market; market outlook of renminbi internationalization, BOC's global renminbi clearing service and evolution of offshore renminbi market.

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