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RMB Tracker SIBOS special edition Sydney shines the spotlight on innovation, payments and RMB Contents Foreword 3 1. Executive summary & key insights 4 2. Australia deepens financial integration with China 5 2.1 China & Australia grow economic partnership through trade relations 5 2.2 Sydney’s RMB offshore centre delivers RMB capabilities for Australian corporates 8 2.3 ASX’s RMB Settlement service powers Australian RMB offshore settlement capabilities 9 3. Australia – A dynamic and innovative payment landscape 10 3.1 Australia’s New Payments Platform (NPP) – the new normal for domestic real-time payments 10 3.2 Real-time & gpi delivers payments in seconds 11 3.3 Sydney’s fintech capability – A vibrant and robust ecosystem 12 4. Payments made in RMB offers numerous opportunities for corporates 13 5. Australia’s economic linkages with China and the Asia Pacific 17 6. Appendix: RMB payments guide for corporates 19 SWIFT Note to the reader Leah Capili Please note that RMB and CNY Sarah L’Ortye are mentioned in this analysis. The Laetitia Moncarz Renminbi, RMB in the short form, is Michael Moon the official currency of the People’s Astrid Thorsen Republic of China. Eric Yang The yuan is the basic unit of the renminbi, but is also used to refer to the Chinese currency generally. CNY is the ISO code for Renminbi. 2 RMB Tracker Foreword SIBOS special edition I am delighted to present a special edition Globally, China continues to grow its influence, of the SWIFT RMB Tracker for Sibos 2018, mainly through infrastructure development, which takes place in Sydney from 22-25 a key component of the massive Belt & October. The tracker offers a monthly ranking Road Initiative (BRI) that was launched in of the Renminbi (RMB) in relation to other 2013. Through the financing of projects and currencies worldwide. Special editions, such companies involved in the BRI, the initiative as this report, provide in-depth insights is set to increase financial and payment into how currencies are used for payments flows along the maritime and Silk roads, and in a particular segment of the market or eventually lead to an acceleration in RMB geographical area. This SIBOS special edition internationalisation. SWIFT has an important focuses on the RMB and its adoption for hand to play in this and provides the financial global trade. and digital infrastructure necessary for the development of businesses and trade growth Alain Raes This report delivers an overview of the across BRI markets, in the following areas: Chief Executive, APAC & EMEA, SWIFT Australian payments landscape, a highly- • Reach and connectivity: Financial innovative ecosystem that boasts an institutions across the BRI are connected increasingly diverse and dynamic profile to SWIFT and use SWIFT gpi for efficient of fintechs. It is an ecosystem that has and fully-traceable payments transactions. welcomed a number of payment technologies • Optimised products and services: in recent years, such as SWIFT’s Global SWIFT offers a suite of business Payment Innovation (gpi), the New Payments intelligence, reference data, financial crime Platform (NPP) and the ongoing instant cross- and compliance services. These serve border SWIFT gpi payments pilot. This report as important tools for strategic decision- also provides key insights into flows between making, and also allow financial institutions China and Australia, and RMB usage between to monitor their transactions. both countries. • Community and standards: Through the SWIFT community, financial institutions Australia is a strong advocate of the RMB enjoy standardised messaging and as a payment currency, as evidenced by regulator engagement. the dynamism of its RMB offshore centre in Sydney and the Austraclear RMB platform This special edition includes an RMB which is serviced by the Australian Securities Payments Guide for corporates, an initiative Exchange (ASX). Usage of the RMB for that was jointly developed by Bank of payments between the two countries is China (Hong Kong), BNP Paribas, Citi, growing steadily, and now accounts for Commerzbank, Deutsche Bank, HSBC, 13.89% of all payments between Australia and Standard Chartered Bank and SWIFT, to either China or Hong Kong. The strong trade explain the main features of the RMB as relationship between both countries (almost a a payment currency and to address the quarter of trade volumes in Australia) has complexities surrounding it. led to increased RMB usage in Australia. Another key growth driver of RMB usage is I hope you find this special edition of the the China-Australia Free Trade Agreement SWIFT RMB Tracker insightful. (ChAFTA), which came into force in 2015. 3 1. Executive summary & key insights From a payment perspective, Australia The initial trial focuses on cross-border The RMB offshore centre in Sydney was is a highly-innovative ecosystem. Recent payments going into Australia’s NPP, and launched in 2015, following the appointment developments include the launch of the the service has been designed to scale of the Bank of China in Sydney as the RMB New Payments Platform (NPP) and the and integrate with other real-time payment clearing bank for the local RMB market in implementation of SWIFT gpi by four of the systems globally. Initial test results will be Australia. The offshore centre is the eighth country’s largest banks1, and many branches shared at Sibos 2018, in Sydney. largest globally, and accounts for 1.08% of all or subsidiaries of foreign banks2. global RMB offshore flows. The two-ways trade relationship between As an extension of SWIFT gpi, SWIFT is now Australia and China reached A$174 billion ASX RMB Settlement Service, on the other working with these Australian banks and a (US$125 billion) in FY2016/174. This accounts hand, allows payments that are initiated group of banks from China, Singapore and for almost a quarter of total trade volumes within the country to be settled domestically Thailand to test a new cross-border real-time in Australia. The trade relationship between through ASX’s Austraclear settlement platform payments service over gpi. The test sees both countries is also reflected in the keen in just seconds, and to and from Hong Kong the introduction of a set of incremental rules RMB internationalisation efforts in Australia, and China within minutes. The ASX RMB that has been defined on top of SWIFT gpi. comprising mainly of two models that facilitate Settlement Service plays an important role as The rules remove residual friction normally RMB payments with Australian counterparties. a platform to connect the banks and offset encountered in cross-border payments, They are Sydney’s RMB offshore centre and different transactions processed during the and allows these payments to extend into the Austraclear RMB platform serviced by day. domestic real-time payment systems. ASX. Trade3 between Australia and China reached A$174 billion in 2016/17, accounting 23% for 23% of total volume in Australia4. China Briefing reported that more than 98% of Australian goods exported to 98% China are duty-free or enter a preferential rate because of the ChAFTA. The Australian dollar is the main currency used for payments between Australia 31.46% and either China or Hong Kong. The RMB is now used for 13.89% of total payments. The RMB is ranked fifth as an international payment currency, accounting for 5th 1.89% of the value of institutional and commercial payments. 4 Over RMB 6 billion has been settled through the ASX RMB Settlement Service RMB 6 billion in FY2017/18. The number of transactions settled is four times what was settled in the year before. 1The Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) and Westpac Banking Corporation (WBC) 2Such as Bank of China or HSBC 3Two-way trade between Australia and China 4https://www.austrade.gov.au/News http://www.china-briefing.com/news/2018/05/28/china-australia-opportunities-for-trade-and-investment.html/Economic-analysis/ australias-export-performance-in-2016 4 RMB Tracker 2. Australia deepens financial integration with China SIBOS special edition 2.1 China & Australia grow economic Austrade observed that the composition of partnership through trade relations Australian exports is dominated by resources and fuels, and in the case of China, this is a. Trade made up largely by iron ore, coal and natural Despite the recent strain in relations between gas exports. Australia and China, trade between both countries continue to thrive. According to the Reserve Bank of Australia (RBA) and the Australia Bureau of Statistics, Two-way trade between Australia and China services-related exports between Australia reached A$174 billion (US$125 billion) in and China are on an upwards trend, reaching FY2016/17, accounting for 23% of the total US$11 billion in FY2016/17. This makes trade volumes in Australia5. This figure is more China the largest services export market for than double the two-way trade figures for the Australia. country’s next-largest trade partners, Japan and the United States, which registered A$68 The Reserve Bank of Australia governor, billion and A$66 billion, respectively. Philip Lowe said in May 2018 that China is likely to remain as Australia’s largest export Australia’s exports to China totalled A$110 destination. Lowe also shared optimism billion in FY2016/17, or about 30% of around the broadening and deepening of the country’s entire exports, according to Australia’s economic relationship with China. Austrade6. The value of these exports has grown significantly, rising by 37% from last year. China is also Australia’s largest source of imports, with volumes totalling A$64 billion. Australia: Direction of exports, 2016 - 2017 One of the key drivers of growth is the China- Australia Free Trade Agreement (ChAFTA), which came into force in December 2015, and NZ 3.8% RoW which has dramatically expanded trade and 9.9% India 5.1% investment levels between the two countries.
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