Australia supports RMB internationalization: Treasurer

Australia is providing active support for the internationalization of Chinese Renminbi (RMB), Deputy Prime Minister and Treasurer Wayne Swan said Tuesday.

Speaking at the Australian China Business Council (ACBC)'s Canberra Networking Day, Swan announced that Australia is expected to host the inaugural Australia-Hong Kong RMB trade and investment dialogue next month.

Swan said RMB-denominated trade settlement reached almost 3 trillion RMB in 2012, up 42 percent in just one year. In addition, the latest data shows the value of RMB payments more broadly increasing by a massive 171 percent since January 2012.

"There's a significant opportunity here...Tapping into this is just one of the policy pathways of the Asian Century White Paper that the government is working on," Swan said.

He also said that Australian Treasury and the Reserve Bank of Australia have been working closely with the People's Bank of China to set up direct trading between the RMB and the Australian dollar.