- Posted on 27 Nov 2025
The rise of the Renminbi is reshaping global finance. What does it mean for Australia's trade, investment, and banking opportunities?
The challenge
Australia relies heavily on trade and investment with China, but surprisingly very little of this activity uses China’s own currency, the Renminbi (RMB). Almost all payments are still made in US dollars, even when Australian and Chinese firms would benefit from using RMB. Transacting in RMB would reduce currency conversion costs, simplify transactions and improve access to Chinese markets. As a result, Australia is not fully participating in one of the biggest changes in global finance: the rise of the RMB and China’s rapidly growing financial systems.
The approach
This project examines how and why the RMB is (and isn’t) being used in Australia–China trade. It brings together official trade data, banking and investment trends, and interviews with Australian and Chinese companies about their real-world experiences using the RMB. The research shows where RMB use already makes sense, what holds firms back, and what would need to change for adoption to grow.
Outcome and impact
The findings show that RMB use in Australia is small but growing, especially in manufacturing supply chains and among Chinese companies operating locally. The research highlights a major risk: if Australian banks do not develop stronger RMB capabilities, local firms may increasingly turn to Chinese banks instead, shifting valuable financial activity offshore. The project identifies tangible ways Australia can build capability, such as improving access to RMB settlement, developing better hedging tools, and increasing awareness among businesses. By understanding these opportunities and challenges, Australia can stay connected to an evolving global financial system and ensure its firms aren’t left behind as the RMB becomes more important in a global scale.
Meet the academics
Associate Dean (Research And Development), Business School
Research Outputs
Report
- Deer, L.; Li, W.; Walsh, K. (2025). RMB Internationalisation in Australia's Trade and Investment with China. University of Technology Sydney. Report. https://doi.org/10.71741/4pyxmbnjaq.30728015
Media
- China reportedly wants to do more deals in its own currency. Australia’s banks aren’t ready, The Conversation, November 2025