Sydney set to get yuan clearing bank
Print Edition
CHINA will designate a clearing bank in Sydney for overseas trading of the yuan, a top Australian official said yesterday, as Beijing seeks to make the currency more international.
The Australian financial capital would follow London and Frankfurt as a location for a Chinese bank to clear transactions in yuan, also known as the renminbi.
“I am confident that we will have, before the end of the year, a designated clearing bank for renminbi trading in Australia with the opportunity for an Australian bank to be a market maker,” Australia’s Treasurer Joe Hockey told the Australian Chamber of Commerce in Shanghai.
China said this month that the Bank of China would be the clearing bank for yuan dealings in Frankfurt while China Construction Bank won the bid for London.
Chinese authorities keep a grip on the value of the yuan and limit capital flows into and out of the country.
But China, the world’s second-largest economy, is gradually moving to implement financial reforms by making its exchange rate more flexible and opening its capital account for investment and financial transactions.
The yuan remained the seventh most used currency for global payments in May, transaction services body SWIFT (Society for Worldwide Interbank Financial Telecommunication) said yesterday, although it accounted for only 1.47 percent of the total.
“China has come a very long way in relation to the renminbi,” Hockey said. “In many ways they’ve moved faster to deregulate their currency than many other countries and that hasn’t been properly recognized by a lot of the critics.
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