Our businesses to benefit from China: Swan

Treasurer Wayne Swan says businesses will benefit from the this week's currency deal with China. Source: AAP

TREASURER Wayne Swan is encouraging Australian businesses to get "ahead of the curve" and push toward greater use of the Chinese renminbi (RMB) currency in their trade dealings.

Mr Swan highlighted this week's historic agreement between Australia and China to allow direct conversion between the Australian dollar and the equivalent yuan unit for the first time.

"It'll be your businesses that benefit in the decades to come," he told the first annual Australia-Hong Kong RMB trade and investment dialogue in Sydney on Friday.

The only other countries with direct conversion are the US and Japan.

Deals settled in yuan now account for about 12 per cent of China's external trade.

But this is expected to grow to 50 per cent by 2015, propelling the yuan to the third most traded currency in the world, after the US dollar and the euro.

Dealings in Australian dollars and the yuan began on the Chinese mainland on Wednesday and Mr Swan said it got off to a good start.

It was a critical step in relations with China, following an unprecedented agreement this week between Prime Minister Julia Gillard and new China Premier Li Keqiang to hold annual talks.

Australia now hopes to make the most of the continuing shift in global economic power from West to East.

"We have to put ourselves in the best position to be part of these transformations," Mr Swan said.

"These are big steps forward in the financial integration of the region.

"Australian businesses are well place to get even more closely involved."

Mr Swan also announced a joint research project on the internationalisation the renminbi, involving oversight by Treasury and the Reserve Bank of Australia.

The Centre of International Finance and Regulation and the Shanghai University of Finance and Economics will study how Australia can become an offshore hub for renminbi trading in the future.

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