The Commonwealth Bank's Shanghai branch has been awarded a renminbi licence by the China Banking Regulatory Commission.
CBA's new renminbi licence will broaden the bank's involvement in the "fast-growing and deep trade corridor" between Australia and China, said the statement.
"The licence complements CBA's Beijing and Shanghai branch offering and the bank's presence in the recently expanded Shanghai Free Trade Zone," CBA said.
Executive general manager international for institutional banking and markets, James Rickward, noted CBA's clients can already open accounts, settle trades in RMB and execute RMS electronically using the CommBiz Markets platform.
"The RMB licence increases our ability to deliver holistic tailored solutions that maximise business opportunities and minimise risk for our cross-border clients," Mr Rickward said.
"With growth in trade and investment flows expected to accelerate between China and Australia as a result of the China free trade agreement, CBA is now well positioned to support our clients in our specialist sectors of natural resources, utilities, transport, and financial institutions.
"CBA is committed to China and has been closely following the development in RMB and are a foundation member of the Australia ASX-Bank of China RMB settlement platform launched last year.
"We expect to see ongoing developments in this space as companies understand the benefit of using RMB ranging from cost savings, better trade terms and much improved settlements cycle," Mr Rickward said.
Australian investors are increasingly moving away from traditional assets and looking abroad in their hunt for yield, according to J.P. Morg...
UBS’ full year net profit for 2019 came to $6.2 billion (US$4.3 billion), down by 5 per cent from the previous year, with the group fallin...
Maurice Blackburn Lawyers has filed a class action on behalf of more than 330,000 NAB super account holders, alleging breaches of super trus...