Australian and Hong Kong business leaders and officials from central banks and finance ministries met in Sydney today for the inaugural Australia-Hong Kong Renminbi (RMB) Trade and Investment Dialogue.
China's economic expansion and increasing trade and investment links with the world are changing the landscape of international trade and global financial markets, and the RMB is set to have a much larger role internationally. Hong Kong, as a key gateway to mainland China for RMB trade and capital flows, plays a critical role in this development.
The annual Dialogue, convened by the Australian Treasury, Hong Kong Monetary Authority and the Reserve Bank of Australia, will foster closer collaboration between Australia and Hong Kong on RMB trade settlement, the development of RMB-denominated products and closer RMB banking and financial links.
The Deputy Prime Minister and Treasurer of Australia, the Hon Wayne Swan MP and the Hong Kong Financial Secretary Mr John Tsang in July last year agreed to establish an ongoing high-level dialogue between senior business leaders from Australia and Hong Kong on RMB trade and investment.
Today's private sector-led forum was attended by industry experts from the Australia and Hong Kong offices of ANZ, Bank of China, Commonwealth Bank of Australia, HSBC, ICBC, JP Morgan, National Australia Bank and Westpac.
Discussions focused on the benefits and practical issues in transacting in RMB, the role of the offshore RMB market in Hong Kong, and RMB investment and financing opportunities both in mainland China and in offshore markets.
Later this afternoon, a group of senior representatives from the Hong Kong and Australian banking sectors will discuss practical ways of encouraging RMB trade and investment between the two markets.
The next Australia-Hong Kong RMB trade and investment dialogue will be held in Hong Kong in 2014.
For more information: Treasury website