Sydney to be latest hub in internationalization of Chinese currency

Sydney, Australia's financial center, is set to become the latest hub for trading in the Chinese yuan with the authorities from both countries expected to ink the agreement this month.

The deal would see it join Seoul, Paris, Luxembourg, London, Frankfurt, Singapore and Hong Long as one of the global centers for trading the renminbi, helping further boost China's efforts to promote the use of its currency in international trade.

China is Australia's single biggest export market with two-way trade flows of around A$150 billion ($131 billion) in 2013.