US EUROPE AFRICA ASIA 中文
    Business / Economy

    New working group formed to push trading, clearing of China's currency in the US

    (Xinhua) Updated: 2015-12-01 10:26

    New working group formed to push trading, clearing of China's currency in the US

    A photo illustration shows a $100 banknote placed above Chinese 100 yuan banknotes in Beijing in this May 10, 2013 file photo. [Photo/Agencies]

    NEW YORK - A working group on renminbi trading and clearing was set up in the New York City on Monday with former NYC mayor and business tycoon Michael Bloomberg serving as the chair of the group.

    The group said enabling renminbi-denominated transactions to be cleared in the United States will sharpen the competitiveness of US companies by lowering transaction costs, and bring about direct benefits to the US economy.

    The move is one of the results of Chinese President Xi Jinping's state visit to the United States in September when both Xi and President Barack Obama agreed to further deepen financial cooperation between the two countries.

    "President Obama and President Xi came to an important agreement that will greatly benefit both the United States and China, and it's now incumbent on US industry to follow their lead," said Bloomberg.

    The formation of The Working Group on US RMB Trading and Clearing follows that agreement, with the objective of charting a framework and roadmap that will make it easier for US institutions to make or receive renminbi payments, subject to review by US authorities, thereby lowering their transactional costs, increasing their efficiency and helping them build stronger trade and business partnerships -- which in turn will create more jobs and lead to further US economic growth.

    The group will initially include the following member institutions: The US Chamber of Commerce, Bank of America, BNY Mellon, Citi, Goldman Sachs, JP Morgan Chase, Morgan Stanley, Wells Fargo, Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank, Industrial and Commercial Bank of China, Additional firms are expected to join the group in the near future.

    Tom Donohue, president and CEO of the US Chamber of Commerce, said, "Creating a Chinese currency trading mechanism in the US makes it easier for American businesses to sell goods in China and will help the yuan evolve into a free floating currency."

    Tian Guoli, Bank of China's chairman of the Board of Directors said, "We are pleased to join the working group as an initial member, and work with business leaders from China and the US to advance a mechanism to trade and clear renminbi in the US".

    Also on Monday, the International Monetary Fund (IMF) said that China's renminbi is eligible for joining the Special Drawing Rights (SDR) basket as an international reserve currency.

    The decision marked a milestone in the internationalization of the renminbi. The inclusion of the renminbi will take effect Oct 1, 2016, the IMF said in a press release.

    Hot Topics

    Editor's Picks
    ...
    色综合久久最新中文字幕| AV无码精品一区二区三区| 成人午夜福利免费专区无码| 一本精品中文字幕在线| 色欲香天天综合网无码| 无码免费一区二区三区免费播放 | 国产在线无码精品电影网| 乱人伦中文无码视频在线观看| 无码中文人妻视频2019| 无码精品尤物一区二区三区| 亚洲中文字幕无码日韩| 蜜臀av无码人妻精品| 国产亚洲AV无码AV男人的天堂| 亚洲国产精品无码久久久蜜芽 | 亚洲欧美日韩、中文字幕不卡| 成人无码区免费A∨直播| 小SAO货水好多真紧H无码视频| 制服中文字幕一区二区| 久久e热在这里只有国产中文精品99| 中文字幕无码高清晰| 国产精品亚洲αv天堂无码| 国产爆乳无码视频在线观看| 色AV永久无码影院AV| 中文 在线 日韩 亚洲 欧美| 免费精品无码AV片在线观看 | 人妻丰满熟妇AV无码片| 无码一区二区三区在线观看| 永久免费av无码入口国语片| 国产成人A亚洲精V品无码| 欧洲精品无码一区二区三区在线播放| 色综合天天综合中文网| 亚洲欧美中文字幕| 欧美日韩中文字幕在线观看| 中文字幕在线播放| 内射人妻少妇无码一本一道| 无码粉嫩小泬无套在线观看| 中文字幕丰满伦子无码| 亚洲中文字幕无码不卡电影| 无码人妻品一区二区三区精99| 日韩精品少妇无码受不了| heyzo高无码国产精品|