Bank of China (BoC; 601398.SH, 1398.HK) has begun allowing customers in the US to trade renminbi, the Wall Street Journal reported. The bank’s general manager in New York said the move anticipates the development of the renminbi into an international currency usable for trade and investment. "We’re preparing for the day when renminbi becomes fully convertible," said Li Xiaojing. Since Beijing allowed the renminbi to be traded in Hong Kong last July, daily trading has reached US$400 million. US-based individual customers will be permitted to trade up to US$4,000 per day, while there is no limit on businesses engaged in international trading. Western banks including HSBC (HBC.NYSE, HSBA.LSE, 0005.HK) already allow US-based businesses and individuals to trade renminbi, but BoC is the first Chinese-owned bank to introduce renminbi trading in the US.