Renminbi Internationalisation and the Evolution of Offshore RMB Centres: Opportunities for Sydney
By facilitating use of renminbi (RMB) outside of China and providing a connection between the onshore and offshore markets, offshore RMB centres play a crucial role in China’s gradual move towards internationalising its currency. This research report:
- looks at developments in offshore RMB centres, how the pathway to RMB internationalisation may impact on them and what role they may play once the RMB has been fully internationalised;
- outlines some of the key implications and opportunities for leveraging off the establishment of Sydney as an RMB centre and building closer financial relations between Australia and China; and,
- examines the major constraints, both market and policy related, to Australian financial services companies taking full advantage of the opportunities that are available.
This research was led by Geoff Weir and co-authored by Kathy Walsh. It has been funded by the NSW Department of Industry, The Sydney Business Chamber and The Australian National University. In kind support was provided by King & Wood Mallesons and the Financial Services Knowledge Hub.