ANZ Says Yuan-Trading Hub to Facilitate Investment - Hedging

        0648 GMT [Dow Jones] Sydney's selection as the next offshore yuan-trading hub is another positive development for trade and investment flows between Australia and China, says Mike Smith, chief executive of Australia & New Zealand Banking Group (ANZ.AU). "The renminbi is expected to dominate Asian trade and could become a genuine rival to the U.S. dollar as a global reserve currency," he says, referring to the official name of the yuan. "The establishment of a renminbi clearing hub in Sydney is an important step that will further strengthen the economic ties between Australia and China, providing greater domestic liquidity as well as more flexible hedging and investment opportunities." China agreed to the creation of the yuan-trading hub as part of a broader free-trade deal with Australia, signed Monday in Canberra by Chinese President Xi Jinping and Australian Prime Minister Tony Abbott. (david.winning@wsj.com; Twitter: @dwinningWSJ)
        (END) Dow Jones Newswires

        November 17, 2014 01:48 ET (06:48 GMT)