RMB And Australian Dollar Direct Exchange Started Today

< p > April 8th, Australian Prime Minister Gilad said in Shanghai that the direct exchange paction of "a href=" http://sjfzxm.com/news/index_cj.as "RMB" /a "and the Australian dollar started in April 10th.

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< p > Gilad pointed out that the people's Bank of China has approved ANZ bank and Westpac bank to carry out direct trading between RMB and < a href= "http://sjfzxm.com/news/index_s.asp" > Australian dollar < /a >.

"This will bring great benefits to Australia, not only for the sake of big Australian enterprises, but also for the small and medium-sized enterprises wishing to get involved in the Chinese market."

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< p > Australian dollar has become the third currency to be exchanged directly with the renminbi after the US dollar and Japanese yen.

"The direct conversion of the two currencies is a great benefit to the Australian dollar and the renminbi."

"Next, the renminbi will be directly converted into more national currencies," said Lu commissar, chief economist of Industrial Bank.

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In 2012, Australia accounted for nearly 30% of China's total exports, and China was Australia's largest trading partner in P.

Australia is the fifth largest importer of China, and the trade between the two countries is very frequent.

"In the past, trade settlement between China and Australia was basically based on US dollars, and one side needed to convert its own currency into US dollars for payment, while the other side received the US dollar and then converted it into its own currency.

The direct exchange of RMB and the Australian dollar can bypass the exchange pactions with the US dollar, which can reduce the cost of monetary pactions for enterprises and reduce the exchange rate risk in the trading process.

A banking analyst pointed out.

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< p > "in the case that the RMB and Australian dollar can not be exchanged directly, Australian domestic commercial banks have little interest in obtaining relevant renminbi business from the Australian central bank. However, if the RMB and Australian dollar can be exchanged directly, Australia's commercial banks will be interested in the RMB business, and the scale of currency swap between the two central banks in the future is likely to further expand."

Lu commissar pointed out.

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To realize the direct exchange between RMB and Australian dollar is conducive to the internationalization of RMB P.

"Last year, the renminbi realized direct exchange with the yen, but because of Japan's restrictions on China's investment and purchase of assets in Japan, the willingness of Japanese companies to hold renminbi is very low. Therefore, the direct exchange of currency between China and Japan is more symbolic than practical significance."

However, Lu commissar believes that "the direct exchange of currencies between China and Australia has a real substantive role and significance."

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"P >" with Australia and the RMB direct exchange gate, Australia's domestic commercial banks can not refuse to accept the renminbi, and because of the prospect of RMB appreciation, Australian institutions and individuals will also hold more Renminbi.

With the development of the market, the Central Bank of China can set up a RMB clearing bank in Australia to build an offshore RMB market in Australia.

Lu commissar further said, "at present, the Bank of England and so on are also actively working with the Central Bank of China to sign currency swap agreements between the two countries. With the RMB exchange and direct exchange with more and more countries, the RMB can be established offshore in many overseas markets.

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In the early March, a spokesman for the International Monetary Fund (IMF) confirmed that the IMF plan to expand its tracking reserve currency list will be included in the Australian dollar and Canadian dollar. P

The Australian dollar has been listed in the reserve currency list by IMF, which undoubtedly demonstrates the increasing importance of the Australian dollar.

The closer ties between the renminbi and the Australian dollar will also enhance the international status of the renminbi. "

The analysts pointed out.

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< p > < strong > Australian SMEs have begun to quote RMB < /strong > /p >

< p > according to a survey conducted by HSBC on the direct exchange of Australian dollar and RMB currency, 31% of the 500 Australian small and medium enterprises that have business dealings with China have plans to use both the US dollar settlement and the RMB direct settlement, while another 13% of the enterprises plan to make direct settlement in Renminbi.

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< p > survey shows that small and medium-sized enterprises in Australia have prepared for the rainy day.

In 2009, the yuan officially became the international a href= "http://sjfzxm.com/news/index_c.asp" > trade < /a > settlement currency, but so far, the progress of Australian enterprises in the use of RMB for trade settlement is still slow.

In 2012, 10% of China's trade was settled in RMB, but at present, Australia's trade volume is only 1% RMB.

Now Australia's small and medium-sized enterprises have begun to quote renminbi, because the payment flexibility will enhance the possibility of Australian SMEs acquiring Chinese business successfully.

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