Renminbi clearing bank planned in Australia
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.