Westpac Receives AUD/CNY ‘Market Makers’ License in China
10 April 2013
Westpac Institutional Bank (Westpac) is pleased to announce that it has received approval overnight from The People's Bank of China to act as a market maker for direct trading of Australian dollar / Chinese yuan on the China Foreign Exchange Trading System commencing today.
“Westpac has long supported the development of direct trading between the Chinese yuan and the Australian dollar,” said Gail Kelly, Chief Executive Officer, Westpac Group.
“This announcement is an important step. It helps make trade with China more efficient and contributes to Australia’s opportunities in the Asian Century.
Mrs Kelly added: “The new licence strengthens Westpac’s capabilities in China. It also reinforces our strategy in Asia, which is built on supporting our customers as they take part in the increasing trade and investment flows in this region.”
Westpac has been present in China for over 40 years and was invited to apply for a ‘market maker’ licence to directly trade interbank FX market AUD/CNY because of its local experience and capability. Westpac already has extensive renminbi capability in China and has foreign exchange dealers located in Shanghai.
“Westpac is recognised as Australia’s leading domestic bank for foreign exchange globally*,” said Rob Whitfield, Chief Executive, Westpac Institutional Bank.
“This will be a significant offering for our customers operating in China and a key milestone for Westpac’s global capability as we grow in this market and this currency is internationalised,” he said.
Westpac’s Asian branch network includes branches in Beijing, Shanghai, Hong Kong, Singapore and Mumbai and a representative office in Jakarta.
Westpac Banking Corporation (Westpac) was founded in 1817 and was the first bank established in Australia. Today, the Westpac Group has branches and controlled entities throughout Australia, New Zealand and the near Pacific region and maintains offices in key financial centres around the world including London, New York, Hong Kong, mainland China, Singapore and India. Westpac Group employs approximately 37,000 people and has three key customer facing divisions through which we serve around 12 million customers.
About Westpac Institutional Bank
Westpac Institutional Bank (WIB) delivers a broad range of financial services to commercial, corporate, institutional and government customers with connections to Australia and New Zealand.
WIB operates through dedicated industry relationship and specialist product teams with expert knowledge in transactional banking, financial and debt capital markets, specialised capital, and alternative investment solutions.
Westpac Institutional Bank, a division of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714
* Euromoney FX Poll 2012. Rank vs. marketplace from 15,423 industry votes.