Bank of China Named Sydney Yuan Clearing Bank, Signs ASX Accord
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Bank of China Ltd. has been named as the official clearing bank for the yuan in Australia and agreed to boost cooperation with ASX Ltd., operator of the country’s main stock exchange.
The People’s Bank of China yesterday anointed BOC’s Sydney branch following the designation of the city as a yuan trading hub and the signing of a free trade deal between Australia and its largest commercial partner during a visit this week by Chinese President Xi Jinping.