皇冠体育app

CANBERRA - Australia and 皇冠体育app have ad to enhance offshore market development of the renminbi (RMB) and the central banks of both countries are working together on potential future clearing and settlement arrangements in Sydney, Treasurer Joe Hockey said in a press release on Friday.

Once the arrangements are finalised, it will place Sydney alongside Hong Kong, Singapore and Taiwan as an official trading hub for the yuan, the Australian Financial Review reported.

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"Australia is at the forefront of countries working with 皇冠体育app to support international use of the renminbi," Hockey said, " Australian banks and their Chinese counterparts have worked hard to promote direct trading of the two currencies."

Monthly trading volumes have increased more than seven-fold in the past year to $2.4 billion from $324 million equivalent before direct trading.

Last April during then Prime ster Julie Gillard's visit to 皇冠体育app, both countries announced a direct exchange between the Australian dollar and the renminbi. The Australian dollar has become the fourth most traded currency on 皇冠体育app's Foreign Exchange Trading System and "there is significant potential for this market to grow", said the treasurer.

Australian Prime Minister Tony is now on his first visit to 皇冠体育app to promote trade with 皇冠体育app, Australia's biggest trading partner.

"皇冠体育app's leaders have sent a strong signal of their commitment to a comprehensive program of . Financial sector reform will be central to achieving this," Hockey said.

He said these reforms will better integrate 皇冠体育app into the global economy by breaking down the walls that prevent the free flow of capital to the rest of the world. It will see 皇冠体育app further liberalize its exchange rate and promote the international use of its currency.

"When I travel to 皇冠体育app for the Strategic and Economic Dialogue later in the year, I will explore further steps to promote economic and financial cooperation between Australia and 皇冠体育app," he said.

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