Australia's top finance and government officials joined the Bank of
China (BOC) president in Sydney on Monday to officially announce the
appointment of BOC's Sydney branch as the clearing bank for the local
yuan market in Australia.
BOC President Chen Siqing said the development of a yuan market would help cut the cost of currency trade between China and Australia.
"The launch of the bank in Sydney represents an important step in the internationalization of the yuan," Chen said.
Reserve Bank of Australia (RBA) Governor Glenn Stevens said the ceremony on Monday marked an important step in the further development of a local yuan market.
Read more at Click here / www.trade4x.net
BOC President Chen Siqing said the development of a yuan market would help cut the cost of currency trade between China and Australia.
"The launch of the bank in Sydney represents an important step in the internationalization of the yuan," Chen said.
Reserve Bank of Australia (RBA) Governor Glenn Stevens said the ceremony on Monday marked an important step in the further development of a local yuan market.
Read more at Click here / www.trade4x.net
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