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ASX ties up with BOC on yuan settlement
Print Edition
The Australian Securities Exchange will partner the Bank of China to offer renminbi or yuan settlement services to tap growing business demand, the Wall Street Journal reported yesterday.
The agreement will allow Australian companies to make yuan-denominated deals with Chinese investment or trading companies through ASX Ltd’s Austraclear service.
“This is a significant development in Australia’s relationship with China by facilitating renminbi internationalization and strengthens the connection between our financial markets,” the Wall Street Journal cited a ASX spokesman as saying.
Details of the agreement will be released today, the newspaper said.
Trading or investing directly in the yuan instead of using the US dollar as an intermediary will simplify procedures and cut transaction cost for Australian businesses.
The ASX’s move marks a deepening use of the yuan in bilateral economic activities after the Australian dollar last year became the third currency after the US dollar and the yen to have direct trading link with the yuan.
Earlier this month, Australian bank Westpac said it planned to launch a new derivatives business in China.
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