RBA strikes clearing deal with PBoC
Unveiled in wake of G-20 summit in Brisbane
The People's Bank of China (PBoC) forged renminbi clearing arrangements in another G-20 country today – this time with the Reserve Bank of Australia (RBA), in the wake of the G-20 Brisbane Summit.
This follows a similar set of deals between the PBoC and the Bank of Canada last week, which saw the authorities agree to establish a renminbi clearing bank in Toronto.
The agreements announced by the RBA are less specific, with the central bank noting only that they "will provide a more direct means
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