RBA governor Lowe in scheduled speech 27 April
- prices in some Australian cities affected by Chinese money inflow
You're not alone there mate.
- internationalization of renminbi has significant implications for global economy
- Chinese authorities understandably concerned that left unchecked the turnaround in capital flows could be destabilizing
- broad-based persistent tightening might also exacerbate domestic vulnerabilities in China
Understandably cautious speech comes in opening remarks at the RMB Global Cities Dialogue Dinner in Sydney.
He concludes:
"To conclude, China is going through an important transition. It was not that long ago that the Chinese currency could be used only within China's borders. In contrast, today China has the ambition of having a global currency.
The effects of this transition - involving the internationalisation of the RMB and the opening up of the capital account - could ultimately be as wide-ranging as were the effects of China's ascension to the World Trade Organisation. Managed well, this transition can be a win-win for both China and the rest of the world"
No mon pol that I can see so far but there may be a Q&A. We will stand poised.
Full speech at the RBA site here.
RBA's Lowe- Renminbi flow concern
