Unnamed American Bank to Invest in 250 Billion Chinese Renminbi

Economics

By JC Collins

One of the biggest financial news stories which has gone unmentioned over the last week is the official remarks released by Chinese Vice Premier Wang Yang at the end of the Eighth Economic Track of the US-China Strategic and Economic Dialogue, which stated the following:

The two countries have made major progress in financial cooperation.  The two sides will strengthen cooperation in renminbi (RMB) currency trading and clearing in the U.S.  China agreed to extend a 250 billion RMB Qualified Foreign Institutional Investor (RQFII) quota to the U.S., and designate one qualified bank from China and another from the U.S. as RMB clearing banks.  Both sides welcome the ongoing cooperation among trading platforms, so as to enhance connection of their financial markets and products.

More can be read about this conference and the alignment between the US and China in the post Newstainment and Diametric Complexity – A Gap Analysis on South China Sea Tension and Global Governance Alignment.