NSW Government to fund Renminbi research

27 November 2014

NSW Premier Mike Baird

Hard on the heels of the recent announcement that Bank of China in Sydney will operate as the next trading hub for the Chinese currency, the NSW Government will be funding ground-breaking new research into the growing list of Renminbi (RMB) trading hubs around the world.

The NSW Government is partnering with Sydney Business Chamber, the NSW Financial Services Knowledge Hub and Australian National University to examine other international offshore RMB trading centres to help more clearly define Sydney's competitive edge.

The research will drive thinking about the kind of Renminbi (RMB) trading hub that Sydney should become to help drive the city's global competitiveness and strengthen the strategic relationship between the NSW and Chinese economies.

The Government's support for the research was announced at the recent Sydney-Shanghai Finance Symposium, hosted by NSW Premier Mike Baird and Deputy Premier Troy Grant.

The Symposium brought together a high-level delegation of Australian and Chinese business, finance and government leaders to discuss opportunities stemming from the RMB announcement and the Australia China Free Trade Agreement.

The establishment the Renminbi (RMB) trading hub in Sydney will increase opportunities for NSW businesses by enhancing the NSW-China trade relationship, making it easier and more cost effective to move funds and do business with China.