Bank of China (BOC) Sydney branch made the first deal on Chinese central bank's Renminbi (RMB) Cross-border Interbank Payment System (CIPS) Thursday.
The deal, referring to the branch's remitting, via the RMB CIPS, 37.0084 million yuan of an Australian firm to relevant domestic account, marked an important milestone for the Chinese currency's internationalization drive.
So far, BOC Sydney branch has become a major RMB payment services provider for the locality after being appointed by the Chinese central bank as the first bank providing RMB clearing services in the southern hemisphere. In the first half year, BOC dealt with cross-border RMB clearing of 148 trillion yuan, up 31.6 percent from a year earlier.
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