The launch of a private-sector led annual dialogue to consider how to capture opportunities in relation to the wider use of renminbi (RMB) in trade and investment among Mainland China, Australia and Hong Kong was announced at an RMB Cross-border Trade and Investment Forum held today (Wednesday).
The dialogue, to be facilitated by the Hong Kong Monetary Authority (HKMA), the Australian Treasury and the Reserve Bank of Australia, will comprise representatives from the banking sector and firms participating in cross-border trade and investment. The dialogue is to provide a platform for participants to explore: (i) building closer collaboration between Hong Kong and Australia on the development of offshore RMB business opportunities, with a particular focus on commodities-related trade and investment; (ii) raising awareness amongst the Australian private sector of RMB business opportunities, including cross-border RMB trade settlement and RMB financing through the offshore RMB bond market; and (iii) enhancing financial-sector links between Hong Kong and Australia in relation to RMB. The first dialogue meeting will be held in Sydney in 2013.
The Financial Secretary, Mr John C Tsang, said, “I am delighted that the banking and business communities of Hong Kong and Australia are taking the initiative to strengthen collaboration in capturing new opportunities in offshore RMB business. This initiative will be mutually beneficial to the two places and is consistent with the Central Government’s policy to support the use of the Hong Kong platform by parties from other places to settle trade and investment transactions in RMB.”
The Chief Executive of HKMA, Mr Norman Chan, said, “Hong Kong provides a one-stop platform for corporates and financial institutions around the world to conduct a wide range of offshore RMB business. Building closer and stronger links between Hong Kong and Australia will facilitate the wider use of RMB in trade and investments.”
Hong Kong Monetary Authority
11 July 2012
Mr Norman Chan, Chief Executive of the Hong Kong Monetary Authority, Mr Wayne Swan, Australian Deputy Prime Minister and Treasurer, and Mr John C Tsang, Financial Secretary of the Hong Kong Special Administrative Region (from left to right) participate in the RMB Cross-border Trade and Investment Forum today
Mr Norman Chan, Chief Executive of the Hong Kong Monetary Authority (middle) leads a panel discussion on promoting the wider use of RMB in cross-border trade and investment. Panelists joining the discussion are Mr Alex Thursby, CEO of ANZ International and Institutional Banking division; Dr Martin Parkinson, Secretary to the Treasury of Australia; Mr He Guangbei, Vice Chairman and Chief Executive of Bank of China (Hong Kong) Limited and Mr Geoffrey Brown, Finance Director of Jardine Pacific Limited (from left to right).