Renminbi Trade and Investment Dialogue

between Hong Kong and Australia

The launch of a private-sector led annual dialogue to consider how to capture

opportunities in relation to the wider use of renminbi (RMB) in trade and investment

among Mainland China, Australia and Hong Kong was announced at an RMB

Cross-border Trade and Investment Forum held today (Wednesday).

The dialogue, to be facilitated by the Hong Kong Monetary Authority (HKMA), the

Australian Treasury and the Reserve Bank of Australia, will comprise representatives

from the banking sector and firms participating in cross-border trade and investment.

The dialogue is to provide a platform for participants to explore: (i) building closer

collaboration between Hong Kong and Australia on the development of offshore RMB

business opportunities, with a particular focus on commodities-related trade and

investment; (ii) raising awareness amongst the Australian private sector of RMB

business opportunities, including cross-border RMB trade settlement and RMB

financing through the offshore RMB bond market; and (iii) enhancing financial-sector

links between Hong Kong and Australia in relation to RMB. The first dialogue meeting

will be held in Sydney in 2013.

The Financial Secretary, Mr John C Tsang, said, “I am delighted that the banking and

business communities of Hong Kong and Australia are taking the initiative to

strengthen collaboration in capturing new opportunities in offshore RMB business.

This initiative will be mutually beneficial to the two places and is consistent with the

Central Government’s policy to support the use of the Hong Kong platform by parties

from other places to settle trade and investment transactions in RMB.”

The Chief Executive of HKMA, Mr Norman Chan, said, “Hong Kong provides a

one-stop platform for corporates and financial institutions around the world to conduct

a wide range of offshore RMB business. Building closer and stronger links between

Hong Kong and Australia will facilitate the wider use of RMB in trade and

investments.”

Hong Kong Monetary Authority

11 July 2012

Mr Norman Chan, Chief Executive of the Hong Kong Monetary Authority, Mr Wayne

Swan, Australian Deputy Prime Minister and Treasurer, and Mr John C Tsang,

Financial Secretary of the Hong Kong Special Administrative Region (from left to right)

participate in the RMB Cross-border Trade and Investment Forum today

.

Mr Norman Chan, Chief Executive of the Hong Kong Monetary Authority (middle)

leads a panel discussion on promoting the wider use of RMB in cross-border trade

and investment. Panelists joining the discussion are Mr Alex Thursby, CEO of ANZ

International and Institutional Banking division; Dr Martin Parkinson, Secretary to the

Treasury of Australia; Mr He Guangbei, Vice Chairman and Chief Executive of Bank

of China (Hong Kong) Limited and Mr Geoffrey Brown, Finance Director of Jardine

Pacific Limited (from left to right).