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THE RENMINBI from the PEOPLE’S MONEY to a GLOBAL CURRENCY a Practical Introduction to Conducting Cross-Border Trade and Investment with China

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THE RENMINBI from the PEOPLE’S MONEY to a GLOBAL CURRENCY a Practical Introduction to Conducting Cross-Border Trade and Investment with China THE RENMINBI FROM THE PEOPLE’S MONEY TO A GLOBAL CURRENCY A practical introduction to conducting cross-border trade and investment with China. September 2016 A collaborative initiative between: Page 1 Foreword by CONTENTS The Minister for Trade, Tourism and Investment The Hon. Steven Ciobo, MP The rise of China as a global economic In much the same way that ChAFTA Foreword by the Minister for Trade, 1 Chapter 3: ChAFTA – a new era in 31 Minister for Trade, Tourism powerhouse has been well documented. removes barriers, the increasing use Tourism and Investment Australian trade with China and Investment Perhaps less well known has been of the Renminbi in international trade Foreword by Australia China 2 Why is ChAFTA so important? 32 the emergence of China’s currency, has the potential to provide businesses Business Council the Renminbi (RMB), as one of the world’s with a competitive advantage, including The challenge and opportunity 33 truly global currencies. through better pricing and payment terms, Foreword by Commonwealth Bank 3 Two-way trade in goods 34 access to deeper sources of funding and of Australia Use of the Renminbi was limited even minimizing transaction costs. Trade in services – Australia’s best-kept secret 35 Executive summary 4 ten years ago. In 2009, China launched Regulatory change in a free trade environment 38 a pilot program for cross-border settlement I commend the authors of this report – Chapter 1: RMB internationalisation 7 and since then, the Renminbi has become the Australia China Business Council – the rise of the redback Conclusion 39 one of the world’s top five payment (ACBC), Commonwealth Bank of Australia, currencies and the second most widely PricewaterhouseCoopers (PwC) and the Managed reform 10 Chapter 4: The practical application of 41 the RMB for cross-border business used in traditional trade finance. Australian Trade and Investment Commission A decade of focused effort 11 (Austrade) – for providing a straightforward RMB Cross-Border Settlement scheme 42 China’s economic rise has also seen rapid guide to transacting in the Renminbi. RMB as a settlement currency 12 growth in demand for Australia’s high quality Benefits to Australian businesses 43 The growth of the offshore market 14 goods and services. China is now Australia’s The opportunities for Australian business in Hedging RMB exposure 44 number one trading partner with two-way China are significant, and this report provides The special drawing rights club 15 trade in excess of $155 billion. a clear pathway for companies seeking to RMB in capital and liquidity management 46 Free trade zones 16 grow our trade and investment relationship. Direct investment 47 The Turnbull Government is boosting Developments in cross-border 17 opportunities for Australian exporters by investment channels Intercompany loans 50 opening up market access and removing barriers to trade and investment. China’s debt market 19 Cross-border guarantee 51 Regional initiatives 20 Conclusion 53 The China-Australia Free Trade Agreement (ChAFTA), which came into One Belt, One Road 20 Summary: practical guide to conducting 54 cross-border trade and investment with china effect in December 2015, is a key enabler Conclusion 21 for building closer trade ties with China, Chapter 5: China – the economic 56 facilitating our access to China’s increasingly Chapter 2: The Australia–China story 23 and exchange rate outlook wealthy consumer and ensuring that The tale of two countries 24 China’s long-term economic outlook 58 Australian goods and service providers are guaranteed the best market access The Australian investment story 27 RMB internationalisation 59 of any foreign country. Australia’s journey to the east 28 End notes 60 Conclusion 29 Acknowledgements 62 Page 2 Page 3 Foreword by Foreword by Australia China Business Council Commonwealth Bank of Australia The Hon. John Brumby It is with great pleasure that I present to you As China shifts towards a consumption- Kelly Bayer Rosmarin As Australia’s largest trading partner, Commonwealth Bank has had a presence in National Chairman Group Executive, Australia China the report “The Renminbi - From People’s based economy, the nature of Australia’s Institutional Banking China’s global plans for its currency, the Chinese market for over two decades since Business Council Money to a Global Currency”. trading relationship with China will continue to & Markets the renminbi (RMB), have significant relevance opening its first China representative office in Commonwealth Bank develop. Australia’s ability to adapt to China’s of Australia to the future economic development of both 1992 in Beijing. The Bank currently has a Produced by the Commonwealth Bank changing consumer preferences is not just countries. The China-Australia Free Trade presence in Shanghai and Beijing. of Australia in partnership with the limited to the products and services we offer. Agreement (ChAFTA) that came into effect Commonwealth Bank was granted a RMB Australian Trade and Investment Commission As identified in this report, it is increasingly at the end of 2015 provides a compelling license for its Shanghai branch in 2015 enabling (Austrade) and the Australia China Business important that Australian organisations can backdrop for capitalising on a myriad of us to service both the onshore and offshore Council (ACBC) with contributions from transact with Chinese companies in RMB. trade and investment opportunities, including RMB needs of Australian companies with PricewaterhouseCoopers (PwC), this Better understanding the opportunities further development of the RMB market. established operations outside China. It has report provides a practical guide for presented by the use of RMB will be a key also enabled us to become more relevant to Australian businesses interested in using driver of success for Australian business, The ancient Chinese were famous for their our Chinese clients in China and the market the renminbi (RMB) for trade, investment and makes this report important reading for inventions, one being the development and more broadly. use of paper - including paper money - in the and capital management purposes. government and business leaders. 9th century. It is apt then, following China’s long Commonwealth Bank is proud to demonstrate journey of financial and economic liberalisation China is the world’s largest exporter, On behalf of the ACBC Board and our its expertise in helping clients - some of whom since the 1970s, that the RMB is now taking and second largest importer, and every members I would like to sincerely thank our are featured in this report - who have already its rightful place on the global currency stage. economic decision it makes has far sponsors and partners, the Commonwealth embarked on this journey. Our dedicated To this end, the International Monetary Fund reaching ramifications for its trading partners. Bank of Australia, Austrade and PwC for RMB and China Solutions team has a proven (IMF) announced that the RMB would become The internationalisation of the RMB is an making this important report possible. track record in structuring and delivering the fifth reserve currency to join the Special excellent example of this, and it is imperative solutions to clients, and assisting them in Drawing Rights (SDR) basket of currencies that Australian businesses fully understand expanding their trade and investment in October 2016. the opportunities presented by the use of relationships across the economic corridor RMB in foreign trade. While China has introduced significant between China and Australia. We help clients regulatory changes to support its pivot from across the industry spectrum understand the The report offers practical insights on an investment-led economy to one that will regulatory landscape governing cross-border the benefits of using RMB, including how rely on consumer demand for future growth, trade and investment while also providing accessible the RMB is for foreign businesses, Australia will play an active role in laying the a one-stop shop experience for clients’ and how it is easy to use in cross-border foundations for local companies to tap the bespoke requirements. trade, investment and liquidity management. many opportunities presented by China. Historically, however, local companies have The coming 12 months will be important for been cautious to take advantage of our Australian companies, particularly those in the preferential trading and investment relationship services sector. Our economy is reconfiguring, with China. Part of their challenge has been moving from a resources-heavy focus towards demystifying what is sometimes perceived promoting our market-leading position in to be a complex business environment. industries such as education, agriculture, tourism, healthcare and others. China’s This is why this report was created by burgeoning middle class - which is forecast the Commonwealth Bank of Australia to surge past the 850 million mark in the next (Commonwealth Bank), in partnership 14 years1 – is eager for our quality goods and with the Australian Trade and Investment services, and this growing appetite represents Commission and the Australia China substantial prospects for Australian companies Business Council, with contributions from who move now to seize this opportunity. PricewaterhouseCoopers. Providing Australian companies with a concise how-to guide to use RMB as part of their operational and financial strategies will help them overcome some of the perceived obstacles to tap into this
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