Tipping Point for Near Yuan Products

        0645 GMT [Dow Jones] Westpac (WBC.AU) expects more activity in China's currency in Australia after leaders of the two countries agreed to create a yuan-clearing bank in Sydney as part of a broader free-trade pact. "We are reaching a tipping point as customers across Asia, New Zealand and Australia are increasingly seeking more renminbi products and services," says Rob Whitfield, chief executive of Westpac's institutional arm, referring to the official name of the yuan. "The benefits are more profound than trade alone. A renminbi hub in Sydney will encourage a build-up of Australian-based renminbi deposits, deliver larger pools of liquidity and stimulate market activity in renminbi-denominated financial products." (david.winning@wsj.com; Twitter: @dwinningWSJ)
        (END) Dow Jones Newswires

        November 17, 2014 01:45 ET (06:45 GMT)