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RMB becomes 1st foreign currency included into Australia local clearing system

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2014-07-31 GMT+8:00

BEIJING, July 28 (Xinhua) – The Bank of China (BOC, 03988.HK; 601988.SH) announced on Monday that the RMB clearing system jointly developed by the bank and the Australian Securities Exchange has been put into operation, making the RMB the first foreign currency included into Australia's local clearing system.

This also marks a key step forward for the internationalization of the RMB, which will help facilitate bilateral trade and investment betweenChinaandAustralia, and promote the construction ofAustralia's offshore RMB market.

As the clearing bank of the system, the BOC'sSydneybranch will offer clearing services for clients inside and outsideAustralia, and will gradually provide such services as RMB bond issuance and transactions, as well the settlement and clearing of futures derivatives.

The BOC has established a worldwide RMB clearing network centering on Hong Kong andShanghai, and it now acts as the RMB clearing bank inGermany,Malaysia, andCambodia.

So far, the BOC has opened more than 1,100 interbank RMB clearing accounts across the world, and has opened over 1.7 million RMB clearing accounts for companies and individuals. (Edited by Hou Yujie, houyj@xinhua.org)

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