The Australian Securities Exchange has launched a renminbi securities depository service, allowing securities issuers to issue RMB-denominated securities directly into the ASX's Austraclear settlement system.The new service was developed in co-operation with the Bank of China, Sydney Branch, and extends the ASX's portfolio of RMB services.In July 2014 the ASX launched an RMB cash settlement service, allowing counterparties to use RMB as a settlement currency for trade deals and foreign exchange transactions.In November of that year the People's Bank of China appointed Bank of China as the official RMB clearing bank in Australia and the ASX signed a heads of agreement with Bank of China to expand their strategic co-operation to develop the renminbi as a currency in Australian financial markets.The appointment of an official clearing bank provided a direct link to China's central bank and access to China's real-time gross settlement system.Following the latest development Austraclear will provide issuance, settlement and holding of RMB-denominated securities as well as cash.