Ren­minbi clear­ing bank planned in Aus­tralia

China Daily (Canada) - - BUSINESS -

China will des­ig­nate a clear­ing bank in Syd­ney for over­seas trad­ing of the yuan, a top Aus­tralian of­fi­cial said on Thurs­day as Bei­jing seeks to make the cur­rency more in­ter­na­tional. The Aus­tralian fi­nan­cial cap­i­tal would fol­low Lon­don and Frankfurt as a lo­ca­tion for a Chi­nese bank to clear trans­ac­tions in yuan. The yuan re­mained the sev­enth most used cur­rency for global pay­ments in­May, trans­ac­tion ser­vices or­ga­ni­za­tion SWIFT said on Thurs­day. that raised money through ini­tial pub­lic of­fer­ings jumped 44 per­cent on de­but, while tech­nol­ogy shares led gains in bench­mark in­dexes. Shan­dong Longda Meat Food­stuff Co, Wuxi Xue­lang En­vi­ron­men­tal Tech­nol­ogy Co and Feitian Tech­nolo­gies Co surged by the max­i­mum limit in Shen­zhen within the first half-hour of trad­ing af­ter their IPOs were each over­sub­scribed by at least 120 times. Han’s Laser Tech­nol­ogy Co, a sup­plier to Ap­ple Inc, ad­vanced 5.8 per­cent.

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