Sydney as an offshore renminbi centre
21 October 2014
The opportunities and potential of Renminbi (RMB) business in Australia were highlighted at a forum organised by the China Construction Bank and NSW Trade & Investment.
The forum, held in Sydney, follows Premier Mike Baird's launch in China last month of the Sydney for Renminbi initiative to promote Sydney as a leading financial centre and regional trading hub for the Chinese currency.
David Olsson, Chairman of the Australian RMB Working Group and Sydney for RMB Committee and China Practice Consultant, King & Wood Mallesons, told the forum that the internationalisation of the RMB would be one of the most significant financial events of the decade.
"China's size means that any substantial loosening of its capital controls will have a global impact," Mr Olsson said.
"Increasing use of RMB for invoicing and settlement of trade-related activity will have small but meaningful benefits for business.
"Sydney is well place to be an offshore RMB centre – we have well-credentialed, motivated banks, robust infrastructure and a friendly regulatory environment, a talented workforce, and market potential and products.
"Sydney is on an RMB journey, with much work to be done, issues to resolve and opportunities to develop."
The NSW Government, through NSW Trade & Investment, is working with the financial services sector to promote Sydney as the natural home for an Australian RMB trading hub.