The New U.S. Trading Hub for Chinese Renminbi: Opportunities for Corporations

The People’s Bank of China announced late last year that it had awarded the Bank of China New York Branch clearing bank status for the new U.S. Renminbi (RMB) Trading and Clearing Hub. The U.S. joins several other financial centers which have been awarded this status, including Hong Kong, London, Singapore, Australia and Germany. US Corporates can now enjoy the same potential cost savings as their European and Asian competitors whilst continuing to deal with their relationship banking group. By simply requesting their invoices be charged in RMB as opposed to the common practice of US Dollars (USD), it is estimated a corporate will see a 2-5% reduction in their costs. This, coupled with the increasing exposure that US Corporates have the world’s largest trading partner highlights the opportune time to adopt as part of your treasury policy. This session will demystify the process and examine the opportunities and steps to take advantage of the new U.S. RMB Trading and Clearing Hub.

Speaker: Alison Fletcher

Alison has published articles in Global Treasurer News and Bloomberg Markets Magazine and has been a guest speaker at the ACT Singapore, ASEAN Risk, The Corporate Treasurer, ACI Philippines, FinanceAsia, CTCFO Indonesia, Windy City Summit, Eurofinance, Texpo and the Canadian National, Ottawa, American National, Philadelphia and Minnesota AFP’s..

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