Bank of China Designated as RMB Yuan Clearing Bank in US
The People’s Bank of China announced Tuesday that Bank of China (OTCMKT:BACHF) is designated as the RMB Yuan clearing bank in the United States.
This represents another Key milestone in the process of RMB internationalization, and a step forward for Sino-US financial cooperation.
Bank of China is now the designated RMB Yuan clearing bank in 11 countries and regions, namely, Hong Kong, Macau, Taiwan, Germany, France, Australia, Malaysia, Hungary, South Africa, Zambia and the United States, offering 24/7 RMB Yuan clearing services across the globe with its RMB Yuan clearing network that covers 5 continents.
As the world’s largest economy, the United States is an important market for the RMB Yuan to go global.
In September 2015, China and the United States reached an agreement to further facilitate the use of the China’s currency in business. It was announced at the conclusion of the Eighth Session of the China-US Strategic and Economic Dialogue that RMB Yuan trading and clearing capabilities in the US will be further developed and RMB Clearing Banks in the US established.
Analysts believe that the designation of Bank of China as the RMB Yuan clearing bank in the United States will further facilitate the Chinese currency’s usage in the United States and cross-border transactions, and bring 2-way trade, investment and economic cooperation to new heights.
Since its debut in the United States in 1930’s, the Bank of China’s New York Branch, formally established in Y 1981, has become the largest Chinese bank in the United States, with assets over $50-B by the end of Y 2015.
|OTCMKT:BACHF||0.48||21 September 2016||0.01||0.48||0.48||0.4799||51,000|
|HeffX-LTN Analysis for BACHF:||Overall||Short||Intermediate||Long|
|Bullish (0.49)||Neutral (0.17)||Very Bullish (0.64)||Very Bullish (0.66)|
Latest posts by HEFFX Australia (see all)
- Australian Dollar: AUD/USD (AUD=X) Australian consumer confidence in focus - July 15, 2020
- Australian Dollar: AUDUSD Heading Lower - July 13, 2020
- Euro: EUR/USD Struggles - July 13, 2020