Article provided by NAB
If you’ve been thinking about improving the efficiency of your importing or exporting business with Australia’s largest trading partner, here’s a more efficient way to settle trade transactions in China.
The Chinese Government are allowing their local currency, the Renminbi (RMB), to be used for settling most cross-border trade transactions.
How your business may benefit:
- Create a more efficient process and settle trades more efficiently as you exchange Australian dollars directly into RMB when you transact with Chinese businesses
- Save money as you bypass the need for US dollar foreign exchange transactions
- Broaden your Chinese customer and supplier bases by transacting in their preferred currency
- Manage your foreign exchange risk by managing your RMB exposure more directly
- Shorten your payment cycle by reducing paperwork for your trading partner and manage your cash flow more effectively
For more information speak to your NAB Business banker about meeting with a NAB Supply Chain Finance specialist or Markets Specialist, call 13 10 12 or have us call you.
Any advice contained above has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice, NAB recommends that you consider whether it is appropriate for your circumstances and that you review the relevant Product Disclosure Statement, Terms and Conditions or Financial Services Guide.
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