On November 17, the PBC signed a Bilateral Local Currency Swap Agreement with the Reserve Bank of Australia, and agreed to extend the pilot scheme of RMB Qualified Financial Institutional Investor (RQFII) to Australia with an initial quota of 50 billion yuan. Subsequently, a RMB clearing bank will be designated in Sydney.
The above arrangement signifies fresh progress in China-Australia financial cooperation. It will promote the use of RMB by enterprises and financial institutions in cross-border transactions, and promote facilitation of bilateral trade and investment.
Date of last update
Nov. 29 2018
