Sydney becomes the latest renminbi-trading hub

Bank of China designated as RMB clearing bank

renminbi-notes

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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