Yuan clearing in Sydney
Print Edition
CHINA and Australia yesterday signed a deal to launch a yuan clearing service in Sydney, in another push for use of the Chinese currency in international business.
The two countries’ central banks, the People’s Bank of China and the Reserve Bank of Australia, agreed to setting up a clearing bank to handle transactions in yuan.
Under the agreement, China will grant Australian banking institutions a 50 billion yuan (US$8.2 billion) quota under the Qualified Foreign Institutional Investors program.
So far this year, China has reached agreements with Germany, Britain, France, Luxembourg and South Korea to open yuan trading hubs.
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