Regulatory roundup: Australia-China forge new RMB settlement scheme
Australia-China forge new renminbi settlement service; Singapore kills off rupiah reference rate; China-France agree to lower dividend withholding taxes
Australia-China pen RMB settlement service agreement
The Australian Securities Exchange (ASX) and the Bank of China will begin offering renminbi settlement services by the middle of this year. Australian companies trading with China will be able to pay and receive renminbi, which should eliminate exchange rate risk and the cost of conversion. The two institutions signed an agreement in Sydney last week that will allow the ASX to use its settlement service Austraclear which already settles A$3 trillion in Australian dollar cash transactions per year.
Sign in to read on!
Registered users get 2 free articles in 30 days.
Subscribers have full unlimited access to CorporateTreasurer.
Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.
If you are a treasurer, CFO or senior financial professional at a corporate or SME, please register for free VIP access here.
Questions?
See here for more information on licences and prices, or contact [email protected].
© Haymarket Media Limited. All rights reserved.
Top news, insights and analysis every Tuesday & Thursday
Free registration gives you access to our email newsletters
for unlimited access to all articles, newsletters
