On September 21, 2015 (local time of the United States), the “RMB Internationalization & China-U.S. Economic Cooperation Forum” was held in Los Angeles, which was co-organized by ICBC, the Los Angeles Economic Development Corporation (LAEDC), World Trade Center Los Angeles, and the Los Angeles Regional Export Council. Representatives from ICBC, Wells Fargo, LAEDC, and business communities of the two countries discussed the issues of RMB internationalization and bilateral trade and economic development, among others.

Jiang Jianqing, Chairman of ICBC, expressed in his speech that China and the U.S. are the world’s two largest economies, the second biggest trading partner and major investor for each other. In recent years, with further opening up of domestic markets and deepening cooperation, bilateral trade and investment volumes have rapidly increased, with an increasing number of Chinese enterprises eager to invest in the U.S.  The use of RMB in trade and investment will further lower the transaction threshold for companies from both countries, spur investment demands, promote trade and economic cooperation, and realize win-win situations for both.

With the rapid development of RMB offshore markets around the world, and increasingly closer ties between the two nations in trade, economy and investment, RMB offshore markets and RMB products/services have also entered a new development stage in the U.S.  In 2014, payments made in RMB by American enterprises increased by over three-fold year on year; transactions settled in RMB between the two countries accounted for around 20% of the total.  The cross-border use of RMB will create new markets for banks and financial institutions from both China and the U.S. so that they can jointly provide RMB-based financial services such as settlement, clearing, forex trading and financing, expand business scopes and grow businesses.

The State of California, where Los Angeles is situated, is the most economically and technologically developed area in the U.S., and has the largest trade volume with China across the country.  On November 22, 2014, ICBC (USA) and the municipal government of Los Angeles signed the RMB Business MOU, under which both sides would promote cooperation in RMB business and jointly build an offshore RMB center in California.