Joint media release with the Hong Kong Monetary Authority
Hong Kong and Australia held their fourth Renminbi (RMB) Trade and Investment Dialogue as part of the RMB Global Cities Dialogue organised by the New South Wales (NSW) Government today (27 April 2017) to promote the opportunities associated with the internationalisation of the RMB and Chinese capital going out.
The Governor of the Reserve Bank of Australia (RBA), Dr Philip Lowe, delivered the keynote speech at the gala dinner of the event focusing on RMB internationalisation and Chinese capital flows.
The fourth Hong Kong–Australia RMB Trade and Investment Dialogue was hosted by the Executive Director of the Hong Kong Monetary Authority (HKMA), Mr Vincent Lee, and comprised experts from the Hong Kong and Australian financial communities. The panel explored the opportunities for Hong Kong and Australia arising from China’s increasing investment links with the world, fuelled further by the implementation of the Belt and Road strategy and the continued liberalisation of its financial markets.
Over the past year, mainland Chinese authorities have taken further steps to open up onshore financial markets to overseas investors. These include providing easier access to the onshore interbank bond market to eligible foreign financial institutions, including those in Hong Kong and Australia, and the introduction of the Shenzhen-Hong Kong Stock Connect. More recently, the mainland and Hong Kong authorities are also actively exploring a bond market connect scheme. These measures, and others, facilitate cross-border RMB fund flows and help create more opportunities for offshore RMB business.
The RMB Global Cities Dialogue was organised by the NSW Government and the market-led Sydney for RMB Committee, and attended by official observers from the Australian Treasury and the RBA. It attracted over 180 financial institutions, asset managers and corporates from all around the world. The panel chaired by the HKMA represents an ongoing collaborative effort to promote offshore RMB business since 2013.