OREANDA-NEWS. July 09, 2014. Governor Zhou Xiaochuan met Joe Hockey, the Treasurer of Australia. The two of them exchanged views on topics including China-Australia financial cooperation.

Mr. Hockey pointed out that, against the background of rapid expansion of bilateral economic and trade ties and the strong growth of China’s outward direct investment in Australia, the direct trading between RMB and Australian dollar provided a boost to the local currency settlement of trade and investment. The Australian side hoped to strengthen financial cooperation with China to promote the development of economic and trade ties between the two countries.

Governor Zhou said that the Chinese side has encouraged enterprises in China and Australia to use local currency for trade and investment settlement. The cross-border use of RMB has made continued progress. China will continue to advance financial market reform and the RMB’s capital account convertibility, and provide more convenience for foreign financial institutions to access the Chinese market. The Chinese side welcomes Australia’s Big Four banks to make investment in China.