The rise of China as a global economic powerhouse has been well documented. Perhaps less well known has been the emergence of China’s currency, the Renminbi (RMB), as one of the world’s truly global currencies. 

Use of the Renminbi was limited even ten years ago. In 2009, China launched a pilot program for cross-border settlement and since then, the Renminbi has become one of the world’s top five payment currencies and the second most widely used in traditional trade finance. 

The Turnbull Government is boosting opportunities for Australian exporters by opening up market access and removing barriers to trade and investment. 

The China-Australia Free Trade Agreement (ChAFTA), which came into effect in December 2015, is a key enabler for building closer trade ties with China, facilitating our access to China’s increasingly wealthy consumer and ensuring that Australian goods and service providers are guaranteed the best market access of any foreign country.