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 54.9 billion in Aug 2015

Source: IMF, Bloomberg

China is the U.S.’s third largest export market

USD 10.8 billion in Aug 2015

Source: IMF, Bloomberg

The U.S. is China’s largest export market

USD 44.1 billion in Aug 2015

Source: IMF, Bloomberg

U.S.-China trade has more than doubled in the past decade

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
CLS Bank International
CME Group
Goldman Sachs
HSBC
Industrial and Commercial Bank of China
Intercontinental Exchange
JPMorgan Chase & Co.
Morgan Stanley
MUFG Union Bank
State Street
Standard Chartered
TCW Group
The Clearing House
The Depository Trust and Clearing Corporation
Wells Fargo & Co.

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

Contact us

Contact The Working Group by email. For media inquiries, please contact Jason Schechter.