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Last week, the Commonwealth Bank of Australia released a report prepared in conjunction with the Australia China Business Council, Austrade and PwC, encouraging clients to consider using RMB in international trade with China. The report was launched in Melbourne yesterday at an exclusive, ACBC Members Only Event.
ACBC chairman John Brumby said the rise of the RMB had “staggered the world’s monetary system”.
“It’s a hugely significant time for international finance, especially with the RMB’s induction to the IMF’s SDR basket, which signals its ascendancy towards the status of a global currency that is quickly becoming an important and preferred unit of trade and investment,” Mr Brumby said. Titled “The Renminbi, From the People’s Money to the Global Currency”, the report is being released ahead of the RMB becoming one of the basket of currencies in the IMF’s special drawing rights on October 1.
The report says doing business in RMB can allow Australia companies to get better pricing deals with Chinese customers, have faster settlement times and access to a broader range of clients.
“We are trying to demystify the RMB as a currency for our clients, many of whom are very interested in doing business with China,” CBA group executive, institutional banking and markets, Kelly Bayer Rosmarin said.
“We think it is important as China internationalises and the currency becomes more globally traded that we have the capacity to support our clients in their cross-border needs.” Ms Rosmarin said the use of RMB by Australian companies doing business with China was “progressing at a slow and steady pace”.
“It definitely requires organisations to consider things from a different perspective,” she said. “We thought it was important to help give them the confidence to move forward.”
To read a full copy of the report, please click here and to read additional media coverage of the event, please click here.