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[Aussie Mike]

This is significant
The Australian.com

AUSTRALIA and New Zealand Banking Group (ANZ) has become the first Australian bank authorised to use Chinese currency for its retail operations, the bank said today.

ANZ China will now be able to offer its local customers currency deposits, mortgages, bancassurance and wealth management products and services in yuan, also known as the renminbi, under the license issued by the China Banking Regulatory Commission.

Chief executive of Asia and chairman of ANZ China, Gilles Plante, said that the move was a "significant milestone" in the expansion of the bank's Asian operations.

"We see great potential to provide our global product and service expertise, and provide support by expanding our China network with a new sub-branch in Guangzhou in 2012," he said.

ANZ forecasts that trade-induced yuan deposits will grow to 516 billion yuan ($76.4 billion) by the end of the year, when total offshore renminbi deposits may reach 901 billion yuan. Since August of last year, ANZ Hong Kong has opened more than 1,200 yuan-denominated accounts for customers.