Westpac Institutional Bank (Westpac) is pleased to announce that it has received approval overnight from The People’s Bank of China to act as a market maker for direct trading of Australian dollar / Chinese yuan on the China Foreign Exchange Trading System commencing today.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Westpac Institutional Bank (Westpac) is pleased to announce that it has received approval overnight from The People’s Bank of China to act as a market maker for direct trading of Australian dollar / Chinese yuan on the China Foreign Exchange Trading System commencing today.
"Westpac has long supported the development of direct trading between the Chinese yuan and the Australian dollar," said Gail Kelly, Chief Executive Officer, Westpac Group.
"This announcement is an important step. It helps make trade with China more efficient and contributes to Australia’s opportunities in the Asian Century.
Mrs Kelly added: "The new licence strengthens Westpac’s capabilities in China. It also reinforces our strategy in Asia, which is built on supporting our customers as they take part in the increasing trade and investment flows in this region."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataWestpac has been present in China for over 40 years and was invited to apply for a ‘market maker’ licence to directly trade interbank FX market AUD/CNY because of its local experience and capability. Westpac already has extensive renminbi capability in China and has foreign exchange dealers located in Shanghai.
"Westpac is recognised as Australia’s leading domestic bank for foreign exchange globally*," said Rob Whitfield, Chief Executive, Westpac Institutional Bank.
"This will be a significant offering for our customers operating in China and a key milestone for Westpac’s global capability as we grow in this market and this currency is internationalised," he said.
Westpac’s Asian branch network includes branches in Beijing, Shanghai, Hong Kong, Singapore and Mumbai and a representative office in Jakarta.
