Working Group on U.S. RMB Trading and Clearing Meets in New York
February 25, 2016
Yesterday, Bloomberg L.P. hosted the second meeting of the Working Group on U.S. RMB Trading and Clearing at their headquarters in New York.
Vice-Chair Mary Schapiro welcomed the group, which included representatives from the Working Group’s members and leadership. Attendees then heard updates from the four Working Group subcommittees – Regulatory Considerations, Business Community Outreach, Operating Model Options, and RMB Products and Services – and discussed initial observations and plans for further analysis and consideration.
Topics to be considered by the subcommittees include key regulatory considerations, such as the legal basis for each model under U.S. laws and regulations, operating models for the clearance and settlement of RMB payment flows, and potential RMB product and service options in the United States. The Working Group plans to conduct a series of focus groups, surveys, and a national forum of chief financial officers and treasurers of U.S. businesses to gain a better understanding of the potential demand for RMB products and services in the United States.
The next full Working Group meeting is scheduled to take place in early April.