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As China cements its status as a major player on the world economic stage, its currency is rapidly rising to prominence. The Chinese renminbi – or RMB – has gone from relative obscurity to become the fourth most active currency for global payments1.

The rise of the renminbi is an undeniable opportunity for businesses in Australia and New Zealand. China is now Australia and New Zealand’s most significant overseas market for imports and exports with payments in renminbi growing. In fact, Australia’s RMB payments volume has increased by 126% Jan to Aug 2015, following a 206% increase during the previous 12 months ending Feb 20141.


2018 Westpac Australia-China Business Sentiment Survey

More than 160 Australian businesses  who undertook the Survey reported on the  opportunities, challenges and risks facing their China business in 2018.




Domestic Services – The unsung heroes of the China export boom

The link between Australia’s domestic services and the value they add to our export story is an important measure of national prosperity that is often overlooked.

Facilitating trade flows with China

Are you buying in RMB? Why not pay in RMB. Westpac can support your business capabilities.

Facilitating investment flows with China

Westpac facilitates both inbound and outbound Chinese investments with Australia and New Zealand.

Market leading solutions

Westpac Institutional Bank makes it as easy for you to do business in China as it is locally. Drawing on our 40-year track record in Asia, we deliver intelligent solutions to help your business reach its full potential.

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About RMB

The literal translation of the word ‘renminbi’ is ‘the people’s currency’, but it may soon be more appropriate to think of it as ‘the world’s currency’ as it looks set to become one of the major reserve currencies of the world.

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Things you should know
  1. SWIFT RMB Tracker Sibos 2015, Special edition October 2015.