03-19-2013, 12:13 PM
China continues its pursuit of trade with Pacific countries and will make it easier with the aid of ANZ Bank:
"Tuesday 19th March 2013
Yuan now available at ANZ
Australian New Zealand (ANZ) Bank Group yesterday announced offshore Renminbi capability for its corporate and commercial customers in Papua New Guinea, providing them with the ability to trade directly in Renminbi (RMB) or Chinese Yuan (CNY) when doing business in China.
ANZ CEO Pacific, Vishnu Mohan, said: “ANZ is the first bank in the Pacific to provide its customers with Renminbi capability, which makes this a significant milestone in our support of customers across the region. Today’s launch also recognises that with the internationalisation of the Renminbi we can further support our customers that are growing their businesses through trade with China.”
“Trade between China and the Pacific is significant and it’s growing rapidly. Last year, it reached $US2.1bn which was eight times greater than in 2000, and 20 per cent larger than in 2010,” Mr Mohan said.
ANZ’s RMB offering further enhances its reputation as a super regional bank and provides its customers with a number of benefits, including an opportunity to obtain better pricing and contract terms from suppliers in mainland China by settling in CNY and shorter transaction times and cost savings, if both the sender and beneficiary settle in CNY trade."