China's ICBC to set up offshore yuan center in Los Angeles

http://www.reuters.com/article/2014/11/22/us-china-los-angeles-yuan-idUSKCN0J605B20141122


China's Industrial and Commercial Bank (ICBC) signed a pact with the Los Angeles city government to promote cross-border yuan trade and set up an offshore renminbi center in California, the bank said on Saturday.
The move to create an offshore RMB center in the largest state in the United States would lay the foundations for greater yuan trade with China, ICBC said in a statement.
The agreement comes at a time when many other countries are ahead of the United States in establishing cross-border trade in yuan.