China has cemented its status as a major player on the world economic stage, and its currency is rapidly rising to prominence. The Chinese renminbi or RMB has gone from relative obscurity to become the six most active traded currency in Spot FX global markets1.
The rise of the renminbi is an undeniable opportunity for business in Australia and New Zealand. China is Australia and New Zealand’s most significant overseas market for imports and exports with payment denominated in renminbi growing. In fact, Australia’s has remained in the top 15 Offshore RMB global economies by weight according to Swift since 2015, excluding mainland China1.
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.
Things you should know
- Swift; RMB Tracker, November report 2020.