March 26, 2014
The Committee for Sydney welcomes the release today of a research report from the Centre for International Finance and Regulation (CIFR) on the internationalisation of the Renminbi (RMB) and reiterates the need for Sydney, as Australia’s financial hub, to have in place appropriate policy and funding models to maximise the opportunities and benefits this will offer.
“Sydney is well placed to benefit from the internationalisation of the RMB but only if we have in place policy that recognises the challenges and opportunities that come with it,” suggested Committee for Sydney CEO, Dr Tim Williams.
“Ensuring that we have up to date knowledge and understanding of the impact of the changes will be key to strategically positioning Sydney to positively manage developments in the Chinese marketplace. With London and Singapore amongst the global financial centres that have already implemented Renmimbi hubs, recognising any challenges and ensuring that our markets are unconstrained and open to enhanced trading opportunities will be crucial to maintaining Sydney’s position in the global financial market” he went on to say.
The Committee welcomes the research coming out of the CIFR today, with the report set to assist our financial institutions and businesses in understanding the potential implications and readying them for the impact of changes to the Chinese and global financial landscape” he concluded.
For more information and for the full report click here.