PBOC grants Westpac first currency trading approval
(12 April 2013 – China) The People’s Bank of China (PBOC) has granted approval to Westpac to act as a market maker for direct trading of Australian dollar / Chinese yuan on the China Foreign Exchange Trading System commencing on Thursday.
"Westpac has long supported the development of direct trading between the Chinese yuan and the Australian dollar," said Westpac chief executive, Gail Kelly.
"This announcement is an important step. It helps make trade with China more efficient and contributes to Australia’s opportunities in the Asian Century.
Kelly added: "The new license strengthens Westpac’s capabilities in China. It also reinforces our strategy in Asia, which is built on supporting our customers as they take part in the increasing trade and investment flows in this region."
Westpac has been present in China for over 40 years and was invited to apply for a ‘market maker’ licence to directly trade interbank FX market AUD/CNY because of its local experience and capability.
Westpac already has extensive renminbi capability in China and has foreign exchange dealers located in Shanghai.
"Westpac is recognised as Australia’s leading domestic bank for foreign exchange globally," said Rob Whitfield, Chief Executive, Westpac Institutional Bank.
"This will be a significant offering for our customers operating in China and a key milestone for Westpac’s global capability as we grow in this market and this currency is internationalised," he said.
Westpac’s Asian branch network includes branches in Beijing, Shanghai, Hong Kong, Singapore and Mumbai and a representative office in Jakarta.
"This announcement is an important step. It helps make trade with China more efficient and contributes to Australia’s opportunities in the Asian Century.
Kelly added: "The new license strengthens Westpac’s capabilities in China. It also reinforces our strategy in Asia, which is built on supporting our customers as they take part in the increasing trade and investment flows in this region."
Westpac has been present in China for over 40 years and was invited to apply for a ‘market maker’ licence to directly trade interbank FX market AUD/CNY because of its local experience and capability.
Westpac already has extensive renminbi capability in China and has foreign exchange dealers located in Shanghai.
"Westpac is recognised as Australia’s leading domestic bank for foreign exchange globally," said Rob Whitfield, Chief Executive, Westpac Institutional Bank.
"This will be a significant offering for our customers operating in China and a key milestone for Westpac’s global capability as we grow in this market and this currency is internationalised," he said.
Westpac’s Asian branch network includes branches in Beijing, Shanghai, Hong Kong, Singapore and Mumbai and a representative office in Jakarta.
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