New Measures to Facilitate the Development of the Renminbi Market in Australia

The Reserve Bank of Australia and the People’s Bank of China signed a Memorandum of Understanding to establish official renminbi (RMB) clearing arrangements in Australia. The Chinese authorities have also announced today that Australia will be granted access to the RMB Qualified Foreign Institutional Investor (RQFII) program, with an initial aggregate quota of RMB 50 billion.