There are only two other major currencies – the US dollar and the Japanese yen – for which onshore direct trading with the renminbi (without the use of an intermediate third currency) is possible. Over time, this important initiative should promote trade invoicing in RMB and facilitate bilateral trade and investment. 3.
Swap agreement between PBC and RBA  The third element is the swap agreement between the People’s Bank of China (PBC) and the Reserve Bank of Australia (RBA). The PBC and RBA have a strong and cooperative relationship. The PBC has an office in Sydney. And the RBA has an office in Beijing.