Finally, I will provide an Australian perspective on currency internationalisation and capital account liberalisation, reflecting on the challenges that emerged as Australia went through this process in the late 1970s/early1980s. 1 Turning to the use of the RMB in Australia. First, from the RBA’s own point of view, we have invested a portion of our foreign exchange reserves in RMB since 2013.
This has allowed us to get direct insight into the way the FX and bond markets function in China, and has also allowed us to experience first-hand the benefits of the ongoing liberalisation that has occurred in recent years.