Sydney becomes the latest renminbi-trading hub

Bank of China designated as RMB clearing bank


China has set its sights on Sydney to further promote the internationalisation of its currency, with the designation of Bank of China as a renminbi-clearing bank. Alongside this, Australia is being granted further licensed access to China's capital markets.

The announcement comes a day after the People's Bank of China and its Australian equivalent, the Reserve Bank of Australia (RBA), signed a memorandum of understanding for setting the official clearing arrangements.

Australia has won an

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