In this regard, I welcome the Australian financial sector’s efforts to support the development of an RMB market here in Sydney, in particular, by ensuring that the current and future RMB product needs of Australian corporates are met, and that clients have ready access to information.
For customers, the incentive to hold more cash has not been present, since banks have not introduced negative deposit rates for customers. Can our experience be copied? We do not take positions on the policy stance of other central banks and we are careful not to make parallels to very different situations.