The Bank of China's Sydney branch became the first to use the new cross-board payment system, sending RMB 37.0084 million (5.83 million U.S. dollars) for an Australian company to China on Thursday.
A spokesperson for the Bank of China's Sydney branch, the first RMB clearing house in the southern hemisphere, said the implementation of the Cross-border Interbank Payment System (CIPS), which came online on Thursday, is another milestone in the internationalization of RMB.
"It also serves to illustrate Australia's strategic importance as part of the global RMB clearing network," the spokesperson said in a statement. The Bank of China's Sydney branch has cleared approximately 2 trillion RMB (314.8 billion U.S. dollars) since the bank came into service in February.
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