Known for its tech prowess and liberal politics, San Francisco is hoping to claim a new mantle: North America’s first offshore hub for trading in China’s currency.
During a recent visit here, Hong Kong’s secretary for financial services and the Treasury, K.C. Chan, met with business leaders to discuss the prospects for San Francisco to pioneer transactions in RMB, or renminbi. If successful, the move promises to open the floodgates of increased trade, investment and job creation in the Bay Area, but could also pour more liquidity into property markets already tipsy on tech wealth.
“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.
Read more: Huffington Post San Francisco Seeks To Be First US Hub For Trading China’s …