BOC opens renminbi deal in US

A New York branch of the Bank of China said 12th that it allows companies or individuals to buy and sell renminbi through their accounts in the branch.　　The branch will provide customers with regular, current deposits and RMB savings accounts. BOC New York Branch said it would set the exchange rate for customers in the US market based on the domestic market and offshore renminbi trading. Mr Li, president of BOC's New York branch, said in a media interview that it was preparing for the future convertibility of the renminbi, "BOC's goal is to become the renminbi clearing house in the US." "The Bank of New York branch said BOC New York branch, Chinatown Branch and Los Angeles branch provide the company's customers with no principal delivery forward foreign exchange transactions and RMB spot foreign exchange transactions, the Chinese port branch for the open account of individual customers daily exchange limit of 4000 U.S. dollars equivalent to RMB, the annual limit of 20000 U.S. dollars equivalent of RMB , the customer who has not opened an account has a daily exchange limit of 2000 US dollars equivalent RMB and RMB 10000 USD equivalent per year.