Sep 21, 2015- ICBC held RMB Internationalization & China – U.S. Economic Cooperation Forum in Los Angeles to introduce offshore and onshore RMB market developments and promote the cross-border use of RMB for banks and financial institutions from both China and the U.S.
Jiang Jianqing, Chairman of ICBC, noted in his speech that China and the U.S. are the world’s two largest economies and the second largest trading partners and major investors for each other. Given the continued opening of domestic markets and deepening cooperation in recent years, bilateral trade and investment volumes have rapidly increased. The use of RMB in trade and investment will help lower the transaction threshold for companies in both countries, promote trade and economic cooperation and create win-win situations for all parties.
In 2014, ICBC signed a memorandum of understanding (MOU) with the municipal government of Los Angeles to further develop RMB business.