LIVE FROM ASIA DESK: The first RMB Clearing Bank in USA: Bank of China New York Branch
- Thursday 22 September 2016
- Diritto dei Mercati Finanziari, Internazionalizzazione, Tax & Accounting, Venture capital
- Asia, USA
On yesterday, the People’s Bank of China (PBOC) appointed the Bank of China New York Branch as the first RMB clearing bank in USA. It is the first time that this happens in USA, nevertheless such a news does not surprise, as the last Chinese trends have been steadily aimed to get RMB an international currency.
This is the first step set out under the Memorandum signed by and between PBOC and the Federal Reserve Board, which has to be considered the outcome on one side of the USA’s key role in the RMB internationalisation process, on the other one, of the RMB’s weight in the financial global context, as in 2015 it has been ranked in the third place among the most used currencies in cross border trade and finance.
RMB is already the fifth one among all the international currencies for trade and international transactions, but thanks to this further step it is believed that RMB will grow up even more. We are ready to support investors directly both from China and USA, through our Asia and USA Desk.
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