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China, Australia in talks to set up Sydney offshore RMB center

Jun. 29, 2012 (China Knowledge) - Hong Kong and mainland China are in initial talks with Australia to launch an offshore RMB market in Sydney, said a source familiar with the matter.

The source said that the plan have been under discussion for some time, but is only at a preliminary stage.

Australian Deputy Prime Minister Wayne Swan is due to visit Hong Kong next month for an RMB-related forum and to discuss this issue, added the person.

In April this year, banking giant HSBC issued the first RMB-denominated bonds in London, which indicated that the city is expected to become the second offshore RMB center after Hong Kong. London has a 26% share in the global RMB exchange transactions, China Knowledge reported.

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