OREANDA-NEWS. March 13, 2014. BOC Sydney Branch entered into the RMB clearing agreement with the Australian Securities Exchange ("ASX") in Sydney at a signing ceremony, becoming the only clearing bank in Australia's RMB clearing system.

Assistant Treasurer of Australia, Arthur Sinodinos, ASX CEO, Elmer Funke Kupper, Consul-General of the PRC in Sydney, Li Huaxin, Vice President of BOC, Yue Yi, and General Manager & Commissioner-General of BOC in Australia, Hu Shanjun, attended the signing ceremony. Also present were over 160 representatives from major regulatory institutions and the banking industry in Australia.

Vice President of BOC Yue Yi expressed that with the further internationalization of RMB, it has been widely used in international trade, fund settlement, and international remittance. The average daily turnover of RMB rose from 17th in 2010 to 9th in 2013, making it one of the top 10 currencies with the largest amount of average daily turnover. By carrying out all-round strategic cooperation, BOC and ASX will jointly build a RMB clearing platform in Australia to better serve Chinese and Australian enterprises.

ASX will provide RMB clearing services to Chinese and Australian enterprises through trading platform Austraclear, said its CEO Elmer Funke Kupper. RMB clearing services will not only further expedite cross-border trade between the two countries, but also allow enterprises to lower operating costs and exchange-related risks. With the deepening of the currency's internationalization, RMB will play a more important role in cross-border trade settlement and bond market investment.

Australia aims to develop a long-term partnership with China, said Assistant Treasurer Arthur Sinodinos. At present, Australian enterprises have increasingly resorted to RMB settlements in their business operations with China, which will further expand the use of RMB in Australia.

As the first bank to launch RMB services in Australia, BOC Sydney Branch started to provide RMB international settlement and corporate/personal deposits and loans services in 2009. In 2011, BOC Sydney Branch became the only bank providing secondary RMB clearing services in Australia. In 2013, BOC Sydney Branch completed 7,203 clearing transactions, representing a year-on-year increase of 196%, and a clearing volume of RMB653.5 billion. Having become the only clearing bank in Australia's clearing system, BOC Sydney Branch will actively carry out local and cross-border RMB clearing business, and provide premium and all-round services to more enterprises and financial institutions.