Inaugural Meeting Takes Place at Bloomberg L.P. Headquarters in NY
January 21, 2016
On January 20, 2016, the Working Group on U.S. RMB Trading and Clearing held its first meeting at Bloomberg L.P. headquarters in New York. The meeting served as the inaugural forum for market professionals and members of the business community interested in developing and expanding RMB trading, clearing, and settlement in the United States.
Participants in the meeting included representatives from each of the Working Group members (full list available here), as well as Michael R. Bloomberg, Chair of the Group and Mary Shapiro, Vice Chair. Mr. Bloomberg opened the meeting with an overview of the benefits of U.S. RMB trading and clearing to the U.S. economy and U.S. competitiveness, and highlighted the importance of increasing the international integration of China’s financial system, particularly given the recent volatility of the Chinese currency.
Among other activities at the meeting, the Working Group began the process for review of 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. In addition, the Working Group discussed regulatory considerations of different operating models and regulatory support that may be needed to facilitate development of RMB trading, clearing and settlement in the United States. The Working Group also began to consider types of RMB products and services that could be useful for U.S. markets.
The Working Group expects to meet approximately monthly at least through June of 2016, at which time it will determine future meetings based on progress to date.
The Working Group also launched a new website following the meeting, at www.rmbusawg.com, which includes an overview of the group’s mandate, bios of the leadership, a current list of members, and regular updates on the group’s activities.