But ultimately, the development of an RMB market in Australia will depend on the extent of benefit the private sector sees in using  BIS central bankers’ speeches  1  RMB for trade settlement and investment purposes. It is worth noting that private sector-led initiatives are now becoming increasingly important drivers of the RMB market’s development.
For example, forums such as the Australia-Hong Kong RMB Trade and Investment Dialogue and the “Sydney for RMB” Working Group are beginning to have a more prominent role in raising awareness of the financial sector’s capacity to conduct RMB business and in identifying any further market development issues that may need to be addressed.