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So far this year, China has reached agreements with Germany, Britain, France and Luxembourg to open local RMB trading hubs, as the Chinese currency has been increasingly used in global trade and investment. In June 2014, Chinese authorities designated China Construction Bank (CCB) to be the RMB clearing bank in London. Only the next day, China's central bank announced that it had authorized the Bank of China (BOC) as clearing bank for RMB business in Frankfurt. In July 2014, The People's Bank of China (PBOC) and the Bank of Korea inked a memorandum of understanding in launching a RMB clearing service in Seoul.
These major movements fueled the existing discussion of cross border use of RMB which is thought to be mutually beneficial for China and its trade partners.
These major movements fueled the existing discussion of cross border use of RMB which is thought to be mutually beneficial for China and its trade partners.
AmCham China's Financial Services Forum cordially invites you to an informative discussion with Jennifer Jiang, Global Head of RMB Solutions at J.P. Morgan, Jon Wei, Head of North China Global Corporate Sales for Standard Chartered Bank China, and Mabel Lu, Head of SWIFT Beijing. They will talk about the landscape of cross border use of RMB today, how corporates could benefit from using RMB in trade and investment, existing challenges and SWIFT's functions as an important part of global financial market infrastructure in RMB international business.
