A smarter way to trade in China
If you’ve been thinking about improving the efficiency of your importing or exporting business with Australia’s largest trading partner, there’s now a more efficient way to settle trade transactions in China. Hear the latest insights from NAB’s team of experts.
Hear NAB’s team of experts share an outlook for China’s economy as well as insights into trading in the Chinese currency including a background, definitions and benefits:
An evolving policy on currency exchange is changing the landscape for businesses. The Chinese Government are now allowing their local currency, the Renminbi (RMB), to be used for settling most cross-border trade transactions.
This policy makes settling trades more efficient – you can exchange Australian dollars directly into RMB when you transact with Chinese businesses, bypassing the need for $US foreign exchange transactions.
The benefits of trading in RMB
- Broaden your Chinese customer and supplier base by transacting in their preferred currency
- Save money by negotiating prices in RMB and reducing currency conversion costs
- Manage your foreign exchange risk by managing your RMB exposure more directly
- Create a more efficient process: save time by trading directly in RMB rather than converting into US dollars first
- Shorten your payment cycle by reducing paper work for your trading partner and manage your cash flow more effectively