Bloomberg Hosts “The Future of RMB” with the Hon. Mary Schapiro

Bloomberg hosted an exclusive luncheon with the Hon. Mary Schapiro in Hong Kong on November 29. More than 60 of the city’s top business and finance leaders came together to discuss the RMB’s future following the recent U.S. elections.

As the Vice-Chair of The Working Group on U.S. Trading and Clearing, Mary Schapiro offered her views on the road ahead for the trading, clearing and settlement of the RMB in the United States and the multi-lateral developments that need to take place for successful internationalization. She also spoke to the room about how her previous role of Chairman of the U.S. Securities and Exchange Commission has helped to shape her views on the importance of effective global regulation and policy-making. All of this was discussed within a backdrop of volatile markets reacting to renewed uncertainty following the latest U.S. election results.

In his opening remarks, Taran Khera, Head of Asia Pacific for Bloomberg, noted, “Internationalizing a currency is no easy feat. Not only do the right market mechanisms need to be in place, but accessibility, cost of use and value retention all play a part in its adoption.” He added, “Global drivers, such as international trade, policy and legal frameworks each need to work in lockstep to create an environment conducive to the adoption of a foreign trade currency.”

Bloomberg’s founder, Michael Bloomberg, also addressed the event in a video message, recognizing the importance of the designation of the Bank of China’s New York branch as the first RMB clearing bank in the U.S. and that advancing a mechanism to trade the Chinese currency on the United States will further America’s financial sector and economy.

“The Future of RMB” is part of the Bloomberg Future of Finance event series, catered exclusively to C-suite and business leaders. If you would like to stay ahead of the latest RMB developments, please contact us.