(17 May 2012 – Australia) For regular users of Renminbi (RMB) among Australia’s top 500 companies, a bank’s ability to provide direct RMB support would encourage 78 percent to switch providers, research from leading industry consultants East & Partners has found.East’s latest research shows that of the 500 enterprises that make up
Australia’s Institutional market, 75 percent have needs for direct RMB trading.
Of these companies that do trade with RMB there is roughly a 40/60 split between
regular users and those that use RMB more occasionally.
A huge 78 percent of “regular” RMB users would be encouraged to switch providers
based on their ability to offer RMB support; for “occasional” users, 40.6
percent see RMB support as a trigger to consider a change in cross border
payment or FX provider.
East & Partner’s Head of Client Service, David Brown commented, “The importance
of direct RMB capability by trade banks is having a substantial impact on where
Australia’s very large corporates bank their FX relationships. These new figures
are supported by East’s Trade Finance Markets program which identifies broadly
three quarters of this institutional market segment either actively export,
import or both with China, a ratio which goes well beyond the obvious resource
and mining exporters. “
“The business benefits of using such capability are also being recognised by
smaller exporters and importers and we see RMB offerings becoming increasingly
important to middle market business customers,” Mr Brown added.
About East & Partners
East & Partners is Asia-Pacific’s leading business banking and advisory firm.
East’s research programs and expertise in the Institutional, Corporate, SME,
Business, Investment and Financial services markets has enabled the firm to work
with virtually every major bank within the region and international clients
based in North America and Europe.
Focusing on the needs and priorities that make every client different, East
devises and implements a strategic action plan that has a measurable return on
investment for its clients through the delivery of bespoke, thought-leadership
and multi-client research programs. This enables the firm’s clients to execute
bullet-proof regional, national and global strategies based on the “real voice”
of many thousands of business customer interviews annually.
Note: Business customer Segments
> Institutional – A$530+ million
> Corporate – A$20-530 million
> SME – A$5-20 million
> Micro – A$1-5 million
For more information or to interview East & Partners, please contact:
Sian Dowling
Marcomms & Client Services
East & Partners
t: +61-2-9004 7848
m: + 61-420 583 553
e: sian.d@eastandpartners.com