Australia is in talks with Hong Kong and Beijing to set up an offshore yuan market in Sydney, the South China Morning Post reported Thursday.
The daily, citing officials familiar with the matter, said that Hong Kong and China have so far been positive to the proposal.
The report comes a day after Xinhua reported that China is planning to give a big boost to the offshore yuan market in Hong Kong.
Australian Treasurer Wayne Swan is expected to visit China in the coming months to hold talks on fostering Sino-Australian trade ties.
Separately on Thursday, Xinhua reported that China's Ministry of Finance is planning to issue CNY 23 billion in yuan-denominated sovereign bonds in Hong Kong to support the city's economic development.
"The issuance is the fourth and largest of its kind, following the sale of 6 billion yuan in yuan-denominated treasury bonds in 2009, 8 billion yuan in 2010 and 20 billion yuan in 2011," the state-owned new agency said.
by RTT Staff Writer
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