The Australian Stock Exchange (ASX) has inked a deal with the Bank of China to promote yuan or renminbi trading in Australia’s financial markets.
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The Bank of China has recently been appointed as Australia’s official yuan clearing bank by the People’s Bank of China, following signing a free trade deal between the two countries.
Under the latest agreement, ASX and Bank of China will expand co-operation to offer boost to yuan trading in Australia, which will include developing yuan-denominated bonds and derivatives that can be quoted and traded on the ASX.
Tian Guoli, chairman of Bank of China, said in a joint statement: "The expanded cooperation between the Bank of China and ASX will facilitate cross-border RMB investment and financing by business, and promote Sino-Australian trade and economic links."
The agreement would also better position Australia as a listings location for Chinese companies, with Sydney joining the likes of Seoul, Paris, Luxembourg, London, Frankfurt, Singapore, Toronto, Qatar and Hong Kong as one of the global centres for yuan trading.
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By GlobalData
