Bank of China to receive approval for CNY clearing in Australia

Monday 27 October 2014 14:09 CET | News

The Sydney branch of financial institution Bank of China has set to win regulatory approval to begin clearing trades in CNY.

According to online media outlet, China’s central bank will award the mandate to Bank of China.
CNY clearing banks increase the awareness of CNY usage among local companies and help CNY deposits to accumulate in a country.

Reserve Bank of Australia (RBA) deputy governor Philip Lowe said in July 2014 that the central bank was working with the People’s Bank of China (PBOC) on a memorandum of understanding that would allow a clearing bank to be selected in 2014

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Keywords: Bank of China, CNY, clearing, Australia, payments general
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce