The establishment of the clearing bank has promoted the role of the RMB in trade among Australian companies and the development of the pool of local RMB deposits. This is an important development. The Bank of China is also providing an important source of finance for Chinese companies operating in Australia as well as for Australian companies.
It is making trade easier between our two countries by providing trade finance. It is also helping on the investment side, with securities and investment banking services. The growth of Bank of China's operations from currency exchange to facilitating trade and now, more recently, to facilitating investment is mirrored in the deepening relationship between China and Australia.