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.
Read more about RMB
Things you should know
- SWIFT RMB Tracker Sibos 2015, Special edition October 2015.