The Chinese financial sector continues to fill headlines, with the news that China’s largest bank is expanding into the United States. This development, announced as Chinese President Hu Jintao wrapped up his U.S. visit, comes on the heels of the news earlier in the month that China is allowing its currency to trade in the United States.

We welcome this development and we believe China’s decision is a very positive move for global currency markets. Overall, this takes the yuan, or renminbi (RMB), toward becoming a fully convertible currency.

The mere discussion of the existence of a parallel market such as this represents a positive start for further market changes in China – one whose growth requires careful monitoring. Time will tell what opportunities may arise for parallel RMB futures products.

When Arminio Fraga, Chairman of BM&FBovespa and former governor Central Bank of Brazil, spoke late last year at the Global Financial Leadership Conference, he expressed confidence that China would take necessary steps to evolve its financial system if and when international bodies grant the country a bigger seat at the table.

A fully international over-the-counter RMB market complements existing RMB listed business and we look forward to strong growth in both markets.

As one example, a U.S. Treasury official said Friday that “China affirmed its commitment to enhance exchange rate flexibility and dropped previous references to maintaining basic stability at an equilibrium rate.” What conclusions can we draw from these recent developments? For one, in this busy month, it seems safe to say that China has acquired a bit more room at the table.

CME Group’s executive chairman, Terry Duffy, recently spoke with Bloomberg Television about Chinese President Hu Jintao’s visit to Chicago. You can watch the video interview below.

Roger Rutherford is the managing director of FX Products at CME Group.