Era of yuan cooperation starts for ASX and BOC
Print Edition
THE Bank of China and the Australian Stock Exchange will work together to increase yuan trading in Australia and develop yuan-denominated bonds and derivatives that can be quoted and traded on the ASX, the two sides said in a joint statement yesterday.
BOC and ASX signed a deal yesterday to increase transactions in the existing yuan settlement service as well as facilitate the issuance and trading of debt market products, interest rates and commodity derivative products denominated in yuan, the statement said.
BOC will also help promote ASX in China and other Asian markets as an exchange for raising capital in Australian dollar and yuan.
“The Bank of China attaches great importance to the development of Sydney as an offshore yuan center,” Tian Guoli, chairman of the bank, said in the statement.
“China is Australia’s biggest trading partner and Australia is one of China’s largest investment destinations. The expanded cooperation between the Bank of China and ASX will facilitate cross-border yuan investment and financing by business, and promote Sino-Australian trade and economic links.”
China is Australia’s single biggest export market with two-way trade flows of around A$150 billion (US$131 billion) in 2013. However, only about 1 percent is done in the yuan.
The deal was signed a day after the People’s Bank of China appointed BOC as the official yuan clearing bank in Australia.
Unlike a commercial bank, an offshore yuan clearing bank has direct access to China’s onshore yuan and foreign exchange markets and is able to provide yuan liquidity in the local market.
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