Bank of China promotes RMB business in Los Angeles
Updated: 2016-09-26 10:08
(Xinhua)
|
|||||||||
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,
- Renminbi use surges in London in spite of Brexit
- Yuan settlement expands along the Belt and Road
- Chinese currency renminbi will become more important for Australia's economy: ACBC chief
- No basis seen for long-term drop in Chinese currency
- China largely succeeds in RMB exchange rate reform over past year
- Car-crazy Mexico City celebrates World Carfree Day
- Death toll rises to 52 after migrant boat capsizes off Egypt
- China and US should move forward regardless of election result
- Threat of 'lone wolf' terrorism rises: Aussie PM
- DPRK warns of retaliation against US, ROK
- US fighter jet crashes off coast of Okinawa, Japan: DM
- Li, Trudeau inaugurate 'new annual dialogue'
- Milan Fashion Week: Prada Spring/Summer 2017
- Panchen Lama prayers at foot of Qomolangma
- Ai Fukuhara and her newlywed husband show up in Taiwan
- 8 things you may not know about Autumn Equinox
- Italian sets new record with Ferrari on 'miracle road'
- Students compete for flight attendant jobs in Sichuan
- 1st Sushi restaurant opens in DPRK
Most Viewed
Editor's Picks
Anti-graft campaign targets poverty relief |
Cherry blossom signal arrival of spring |
In pictures: Destroying fake and shoddy products |
China's southernmost city to plant 500,000 trees |
Cavers make rare finds in Guangxi expedition |
Cutting hair for Longtaitou Festival |
Today's Top News
Trump outlines anti-terror plan, proposing extreme vetting for immigrants
Phelps puts spotlight on cupping
US launches airstrikes against IS targets in Libya's Sirte
Ministry slams US-Korean THAAD deployment
Two police officers shot at protest in Dallas
Abe's blame game reveals his policies failing to get results
Ending wildlife trafficking must be policy priority in Asia
Effects of supply-side reform take time to be seen
US Weekly
Geared to go |
The place to be |