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The
move comes as the International Monetary Fund plans to announce
that the renminbi, or yuan, will be added to its reserve
currency basket, an acknowledgment of the nation's importance as
a world economy. Its weight in the index is unclear.
In August of this year, the yuan ranked fourth in terms of world
payments, with about 2.8 percent of transactions, an area where
the dollar and euro are most dominant. Sterling ranks third,
according to global transaction services company SWIFT.
The group said enabling renminbi-denominated transactions to be
cleared in the United States would improve U.S. companies'
competitiveness. Currently, financial transactions in yuan
cannot be settled in the United States, so such transactions
need to be handled by overseas firms.
"Advancing a mechanism to trade the Chinese currency in the
United States will improve the competitiveness of U.S.
companies, while furthering America's financial sector and
economy. I'm very pleased to lead this new group and help move
this along," Bloomberg said in a statement.
The working group includes former Securities and Exchange
Commission Chair Mary Schapiro as vice-chair, U.S. Chamber of
Commerce President and Chief Executive Thomas Donohue and former
U.S. Treasury secretaries Timothy Geithner and Henry Paulson.
(Reporting by Sam Forgione; Editing by Dan Grebler)
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