RBA deputy hints at renminbi clearing bank and RQFII quota
Australia’s central bank currently invests 3% of its reserves in renminbi
The Reserve Bank of Australia (RBA) hopes to establish a renminbi clearing bank "in the coming months" according to deputy governor Philip Lowe, as the country looks to compete in the growing market for offshore business.
Lowe told an audience at the RMB Internationalisation Roundtable in Sydney that a clearing bank would "facilitate cross-border payments and receipts" in the Chinese currency.
The RBA agreed a swap line with the People's Bank of China in 2012 and has invested around 3% of its
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