The ramifications of redback reform

Expanded use of the RMB will have profound economic implications for its major trading partners such as Australia.

The Chinese Government is rolling out a sequence of reforms designed to increase the use of its currency, the renminbi (RMB) in international trade and investment. Establishing RMB settlement hubs in major financial centres outside of China and reducing restrictions on cross boarder capital flows are focal points of this initiative.

Expanded use of the RMB and the carefully sequenced opening of China’s capital account will integrate China as a key player in global capital markets and have profound economic implications for its major trading partners such as Australia.

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