More Australian companies now trading in RMB

HONG KONG - SWIFT’s RMB Tracker shows that Australia’s RMB payments value increased by 248% between February 2013 and February 2014, placing Australia at #6 in the world for RMB payments value (excluding China and Hong Kong). In February 2014, 14.2% of payments between Australia and China/Hong Kong were in RMB versus 7.7% the previous year and only 1.9% in February 2012.

Commenting on the figures, Tony Cripps, Chief Executive for HSBC Bank Australia, said that while China is Australia’s most important trade partner, receiving nearly a third of Australia’s total exports, Australians historically had been underweight in their use of RMB.

“Australian companies are now increasingly attuned to RMB developments as part of their global trade and liquidity strategies, and they’re capitalising on the opportunities the currency provides,” he said.

“Australia’s increasing use of the RMB is indicative of the continued maturing of this important currency. We expect the RMB to be one of the top three global trade currencies by 2015, and that it will be fully convertible within two-three years."  www.hsbc.com.au (ATI).