The Bank of China in Sydney processed the first Chinese currency "Renminbi" transaction in Australia on Thursday morning following the China's launch of the new China International Payment System (CIPS).

The system will spearhead worldwide trade settlements in the renminbi and its launch marked a significant milestone in the internationalisation of the renminbi.

Bank of China Sydney's first transaction was a RMB37 million ($8 million) transfer to China for a local Australian company on Thursday morning.

For the first phase of the CIPS, the China central bank has approved 11 domestic banks and eight foreign banks to participate in the new system.

來源：澳大利亞財經(jīng)評論  2015-10-10