Working Group on U.S. RMB Trading and Clearing Gathers in New York

July 5, 2016

Bloomberg Philanthropies hosted a reception for the Working Group on U.S. RMB Trading and Clearing on June 28th in New York.

Chair Michael R. Bloomberg welcomed the group, which included members of the Working Group and the CFO Advisory Council, and thanked Vice-Chair Mary Schapiro for her leadership. Schapiro congratulated members on the completion of the Roadmap for Action and thanked all those involved for devoting their time, resources and expertise to the Working Group.

She also highlighted sections of the U.S.-China Strategic and Economic Dialogue (S&ED) communique, including the initial RMB 250 billion RQFII allocation to the United States, and noted that two new RMB products have already been publicly announced.

The Working Group will continue to meet, though on a less frequent basis, and the Secretariat will continue to support the Group’s efforts. The commitments outlined in the S&ED communique and the Roadmap for Action will provide direction for the Working Group moving forward.