Media Release Hong Kong and Australia hold 3rd RMB Trade and Investment Dialogue
Joint media release with the Hong Kong Monetary Authority
Hong Kong and Australia held their third Renminbi (RMB) Trade and Investment Dialogue in Sydney today. The Dialogue, facilitated by the Hong Kong Monetary Authority (HKMA), Australian Treasury and the Reserve Bank of Australia (RBA), was attended by more than 160 representatives from financial institutions, funds managers and corporates.
This year's Dialogue focused on the investment and funding opportunities associated with the internationalisation of the RMB. The Dialogue was opened by Mr John Fraser, Secretary to the Australian Treasury, followed by two panel sessions comprising experts from the Hong Kong and Australian financial communities. The first panel, moderated by Mr Eddie Yue, Deputy Chief Executive of the HKMA, discussed RMB financing in the offshore market and the opportunities for corporates and financial institutions arising from the latest RMB internationalisation measures. The second panel, moderated by Dr Philip Lowe, Deputy Governor of the RBA, discussed the investment opportunities associated with RMB internationalisation, including the RMB Qualified Foreign Institutional Investor (RQFII) scheme and the RMB50 billion RQFII quota for Australia.
The Hong Kong-Australia RMB Working Group also met this afternoon to discuss how to make good use of the recent developments regarding RMB funding, investment and trade settlement.
Mainland China has continued to liberalise its capital account in the past year, creating more opportunities for RMB investment including the Shanghai-Hong Kong Stock Connect and the Mutual Recognition of Funds between mainland China and Hong Kong. According to SWIFT, RMB now ranks first in Asia Pacific for payments with mainland China and Hong Kong. Around 15 per cent of SWIFT payments between Australia and mainland China and Hong Kong are currently denominated in RMB, up from 3 per cent in 2012.