SCMP: Sydney vies to be latest offshore yuan market

SCMP’s George Chen says on June 28, “Australia’s main financial centre is in talks to follow London and Singapore, and Beijing and Hong Kong are said to be receptive to the idea”.

 

An unidentified source says, “Beijing has made clear to Australian officials that although London has launched the first offshore yuan market outside Hong Kong, it doesn’t necessarily mean London has the exclusive right to do so.” “I think Beijing wants to see some competition”.

 

Australian Deputy Prime Minister Wayne Swan will visit Hong Kong in early July for the matter and is also expected to visit Beijing to discuss a wider range of issues including a free trade agreement with China.

via SCMP.com – Sydney vies to be latest offshore yuan market.

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