Bank of China Ltd. has been named as the official clearing bank for the yuan in Australia and agreed to boost cooperation with ASX Ltd., operator of the country’s main stock exchange.
The People’s Bank of China yesterday anointed BOC’s Sydney branch following the designation of the city as a yuan trading hub and the signing of a free trade deal between Australia and its largest commercial partner during a visit this week by Chinese President Xi Jinping.
The accord between BOC and ASX is aimed at lifting transaction volumes in an existing settlement service for the renminbi as the yuan is also known, often abbreviated to RMB. The companies will encourage the use of yuan-denominated fixed-income products and promote ASX across Asia as a venue to raise equity capital both in Aussie dollars and renminbi.Bloomberg
Bank of China Named Sydney Yuan Clearing Bank, Signs ASX Accord
Benjamin Purvis
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