The Working Group on U.S. RMB Trading and Clearing
“Advancing a mechanism to trade the Chinese currency in the United States will improve the competitiveness of U.S. companies, while furthering America’s financial sector and economy”
MICHAEL R. BLOOMBERG, CHAIR
China is the U.S.’s largest trading partner
USD 54.5 billion in Sep 2020
Source: IMF, Bloomberg
China is the U.S.’s third largest export market
USD 13.3 billion in Sep 2020
Source: IMF, Bloomberg
The U.S. is China’s largest export market
USD 41.2 billion in Sep 2020
Source: IMF, Bloomberg
Objectives
The Working Group expects to identify, evaluate, and recommend opportunities to develop and expand the trading, clearing, and settlement of RMB in the United States. To achieve these objectives, The Working Group will:
- serve as a forum for discussions among members interested and/or engaged in RMB trading, clearing, and settlement in the United States;
- review different operating models for RMB trading, clearing, and settlement, including characteristics of models that have developed to date, or are being developed, in other jurisdictions;
- consider types of RMB products and services that could be useful for U.S. markets;
- consider enhancements to, or further development of, existing U.S. financial market infrastructure to facilitate RMB trading, clearing, and settlement in the United States;
- educate the U.S. marketplace on the benefits and mechanics of RMB trading, clearing, and settlement;
- provide periodic public reports on progress made by The Working Group; and
- recommend new RMB trading, clearing, and settlement capabilities for the United States, consistent with existing market practices and regulatory requirements.
“Fostering closer ties between the United States and China is critical for a healthy global economy.”
Thomas J. Donohue
Members
The U.S. Chamber of Commerce
Agricultural Bank of China
Bank of America Merrill Lynch
Bank of China
Bank of Communications
BNP Paribas
BNY Mellon
China Construction Bank
China Merchants Bank
Citi
CITIC
City National Bank
CLS Bank International
CME Group
East West Bank
Fifth Third Bank
First Republic Bank
Goldman Sachs
HSBC
Huntington Bank
Industrial and Commercial Bank of China
Intercontinental Exchange
JPMorgan Chase & Co.
Morgan Stanley
MUFG Union Bank
Silicon Valley Bank
State Street
Standard Chartered
TCW Group
The Clearing House
The Depository Trust and Clearing Corporation
Wells Fargo & Co.
U.S. RMB Clearing Banks
Bank of China New York Branch
To learn more, please contact Martin Maciak
JPMorgan Chase Bank, National Association
To learn more, please contact your J.P. Morgan representative.
Subcommittees and Subcommittee Co-Chairs
Business Community Outreach
The U.S. Chamber of Commerce
China Construction Bank
CME Group
Wells Fargo & Co.
Operating Model Options
Bank of China
Citi
Regulatory Considerations
Bank of America Merrill Lynch
HSBC
RMB Products and Services
Agricultural Bank of China
Industrial and Commercial Bank of China
State Street
Downloads
Working Group Materials
Charter
Antitrust Guidelines
Meeting Agenda – November 22, 2019
Meeting Minutes – May 2, 2018
Meeting Agenda – January 20, 2016
Meeting Minutes – January 20, 2016
Meeting Agenda – February 24, 2016
Meeting Minutes – February 24, 2016
Meeting Agenda – April 7, 2016
Meeting Minutes – April 7, 2016
Meeting Agenda – April 26, 2016
Meeting Minutes – October 31, 2016
Meeting Agenda – February 1, 2017
Meeting Agenda – May 1, 2017
Meeting Minutes – May 1, 2017
Meeting Agenda – December 5, 2017
Meeting Minutes – December 5, 2017
Meeting Agenda – March 19, 2018
Meeting Minutes – March 19, 2018
Meeting Agenda – May 2, 2018
Resources and Reports
Renminbi Qualified Foreign Institutional Investor (RQFII) Scheme
China Bond Market: Index Update
RMB Qualified Foreign Institutional Investors (RQFII) Scheme
The CIBM License Process: Interbank Bond Market Overview
RMB Internationalization Update
Bank of China 2016 White Paper on RMB Internationalization
Possible RMB Operating Models
Initial Observations of the Working Group – April 5, 2016
Could Multicurrency Accounts Improve U.S. Corporate Competitiveness?
The Working Group on U.S. RMB Trading and Clearing: Roadmap for Action
2016 HSBC Renminbi Internationalisation Survey
RMB Case Studies
U.S. RMB Clearing Case Studies
News
Contact us
Contact The Working Group by email. For media inquiries, please contact Jason Schechter.