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San Francisco Seeks To Be First U.S. Hub For Trading China's Currency
“Whether you’re going to be opening a savings account in RMB, conducting trade in RMB, or just taking in money from China for an investment, we want San Francisco to be the hub where all of that happens freely,” Darlene Chiu Bryant, executive director at ChinaSF, a public-private partnership spearheading the initiative, told The WorldPost.
China’s currency has historically been tightly controlled by the Chinese government, which limits capital flows and essentially sets exchange rates. But over the past decade, as China has looked to liberalize its own financial markets and popularize the use of the RMB abroad, the country has established offshore RMB hubs in Hong Kong (the first and most popular), London, Singapore and Frankfurt. These hubs facilitate the depositing, converting and investing of China’s currency outside of mainland China.
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