Stevens sees greater cross-border investment between Australia and China

RBA governor inaugurates Australia's first renminbi clearing bank in Sidney

glenn-stevens2

The establishment of a renminbi clearing bank helps to raise awareness among Australian firms that the local financial system has the capacity to effect cross-border RMB transactions on their behalf, Reserve Bank of Australia (RBA) governor Glenn Stevens said in Sydney today at the launch of the Bank of China as Australia's first renminbi clearing bank.

With China continuing to grow into a "continental sized" economy, it would be "surprising if at some point we do not see much more use of China

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