At the conclusion of the eighth China-US Strategic and Economic Dialogue in June in Beijing, both countries announced they would further develop renminbi trading and clearing capabilities in the US. According to the Society for Worldwide Interbank Financial Telecommunication, Hong Kong is the biggest off-shore renminbi clearing center, followed by London and Singapore.
China has promoted a "going global" campaign for the renminbi for years, said Guo Tianyong, director of the Chinese banking industry research center at Central University of Finance and Economics in Beijing.
The US is a key market for the currency's transactions because many enterprises and individuals need to exchange for renminbi, Guo added.
The "going global" campaign needs the participation of eligible foreign banks, which have a larger numbers of clients and market shares in the US than domestic banks, and their participation will help expand the use of the currency internationally, Guo added.
Meanwhile, Premier Li said he had heard some complaints from foreign companies about continuing to face restricted access to the Chinese market.
"Some sectors in the Chinese economy have not become mature ones. But the process of them becoming more mature is also a process for them to further open up," he said.
Hong Xiao contributed to this story.
Contact the writers at huyongqi@chinadaily.com.cn
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