Australia gets RMB clearing MoU and RQFII; clearing bank to follow
Philip Date - Fotolia
The People's Bank of China (PBoC) and the Reserve Bank of Australia (RBA) on November 17 signed a Memorandum of Understanding (MoU) to establish official renminbi clearing arrangements in Australia. The country was also awarded a Rmb50bn ($8.1bn) quota for the Renminbi Qualified Foreign Institutional Investors (RQFII) scheme and a clearing bank is on the cards soon.
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