The Synthetic & Rayon Textiles Export Promotion Council

MARKET WATCH 20 SEPTEMBER, 2016

NATIONAL

 

INTERNATIONAL

 

Textile Raw Material Price 2016-09-19

Item

Price

Unit

Fluctuation

Date

PSF

1015.85

USD/Ton

-0.59%

9/18/2016

VSF

2514.15

USD/Ton

0.66%

9/18/2016

ASF

1887.86

USD/Ton

0%

9/18/2016

Polyester POY

1089.26

USD/Ton

5.36%

9/18/2016

Nylon FDY

2419.75

USD/Ton

0%

9/18/2016

40D Spandex

4419.99

USD/Ton

0%

9/18/2016

Nylon DTY

1251.08

USD/Ton

0%

9/18/2016

Viscose Long Filament

2607.04

USD/Ton

0%

9/18/2016

Polyester DTY

5611.13

USD/Ton

0%

9/18/2016

Nylon POY

1288.54

USD/Ton

-0.29%

9/18/2016

Acrylic Top 3D

2232.47

USD/Ton

0.34%

9/18/2016

Polyester FDY

2060.16

USD/Ton

0%

9/18/2016

10S OE Cotton Yarn

2006.97

USD/Ton

0%

9/18/2016

32S Cotton Carded Yarn

3222.09

USD/Ton

0%

9/18/2016

40S Cotton Combed Yarn

3745.75

USD/Ton

0%

9/18/2016

30S Spun Rayon Yarn

3101.48

USD/Ton

0.98%

9/18/2016

32S Polyester Yarn

1708.06

USD/Ton

0.88%

9/18/2016

45S T/C Yarn

2607.04

USD/Ton

0%

9/18/2016

45S Polyester Yarn

1857.89

USD/Ton

-28.90%

9/18/2016

T/C Yarn 65/35 32S

2547.11

USD/Ton

1.49%

9/18/2016

40S Rayon Yarn

3236.33

USD/Ton

0.47%

9/18/2016

T/R Yarn 65/35 32S

2367.31

USD/Ton

0%

9/18/2016

10S Denim Fabric

1.37

USD/Meter

0%

9/18/2016

32S Twill Fabric

0.84

USD/Meter

0%

9/18/2016

40S Combed Poplin

1.19

USD/Meter

0%

9/18/2016

30S Rayon Fabric

0.70

USD/Meter

0%

9/18/2016

45S T/C Fabric

0.67

USD/Meter

0%

9/18/2016

Source: Global Textiles

Note: The above prices are Chinese Price (1 CNY = 0.14983 USD dtd. 18/09/2015)

The prices given above are as quoted from Global Textiles.com.  SRTEPC is not responsible for the correctness of the same.

 

TN state to offer 50pc subsidy for setting up Mini Textile Parks

At a group meeting of about 20 entrepreneurs engaged in handlooms and textile business held here on Thursday, Collector S. Natarajan addressing the group said that the State government has offered to bear 50 percent of the total cost for creating infrastructure facilities such as laying of roads, sewage treatment plant, captive power plant and telecommunication, if they came forward to establish Mini Textile parks (MTP) in the district. Assistant Director of Handlooms K. Manoharan, District Co-optex Director V. G. Ayyaan, Lead Bank Manager K. S. Suresh Babu and District Industrial Centre, Assistant Director Maideen Basha were present at the meeting. After Chief Minister J. Jayalalithaa made an announcement to this effect in the State Assembly in September last year, the government passed a GO on December 30, 2015 to bear 50 percent of the total infrastructure cost or Rs. 2.50 crore, whichever was low, he said.

Ten entrepreneurs could form a cluster and set up a MTP in 10 acres of land after registering a Special Purpose Vehicle (SPV). They should buy the land on their own and establish minimum 10 worksheds in the park to avail the subsidy for the infrastructure. The total investment on buildings and machineries should be more than two times the amount spent for creating infrastructure facilities, he said, quoting the GO. The Collector said that establishment of MTPs would help to improve the standard of living of handloom and powerloom weavers in the district. There were more than 12,000 handloom and powerloom weavers in the district and they mostly lived in Paramakudi and Emaneswaram areas. The entrepreneurs from Chamber of Commerce and Industry and Master Weavers’ Associations evinced interest in setting up the parks but expressed difficulties in purchasing lands.

SOURCE: Yarns&Fibers

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Ludhiana hosiery industry hit hard due to unrest in Kashmir

The Ludhiana hosiery industry that supplies goods such as shawls, jackets, sweaters, gloves, caps, warmers and blankets to Jammu and Kashmir due to the unrest in Kashmir have suspended production and a majority of these have closed down as a result the industry has incurred a loss of nearly Rs100 crore. Many noted knitwear houses manufacturing shawls who have sent their raw material to Kashmir for its famous embroidery has been stuck due to the unrest following the killing of terrorist Burhan Wani, said Tarun Jain, Chairman, Bahadur-Ke-Textile and Knitwear Association. He said that a majority of the traders could not sell their material beyond Jammu city. There were several small towns near Srinagar, where hosiery material is sold in bulk. However, due to the problem, these places have become completely inaccessible. If a hosiery industry will close down, it will affect other sectors as well. For example, nearly 40,000 labourers are working in factory units located in Bhadaur Ke cluster. In fact, over 1.5 lakh people are dependent on the industry. Many hosiery units have closed down while other suspended work as traders in Kashmir could not make payment of the previous year’s purchase.

Sunil Datt, hosiery traders, who supplies hosiery in Kashmir said that over 50 percent of the hosiery items manufactured in Ludhiana are consumed in Jammu and Kashmir. Many hosiery manufacturers have closed down their establishment as they could not receive cheques of the material sent last year. Vinod Thapar, chairman, Knitwear Club, said that as of now, all orders stood cancelled. Ludhiana hosiery industry is paying the price of unrest in Kashmir as it is the only place in the country, where woollens are sold throughout the year. Due to the unrest, they are losing out on sales. A huge number of hosiery units are functioning for merely six hours a day just to retain the handful of workers. Vinod Thapar said that the Knitwear Club was planning to approach banks to bail out the industry from this crisis.

SOURCE: Yarns&Fibers

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Mills seen making fresh buying amid hovering fears of rise in rates

Mills and spinners were seen making fresh buying amid hovering fears of rise in rates to replenish their stock at cotton market, dealers said. The official spot rate remain unchanged at Rs 5,900. In Sindh, seed cotton prices at Rs 3100-3200 and in Punjab rates of Phutti were at Rs 2900-3100, as per 40 kg, dealers said. In ready business, over 13000 bales of cotton changed hands between Rs 6000 and Rs 6250. Cotton analyst, Naseem Usman said that no major change was seen in the present outlook in the absence of motivating factors. If cotton yarn prices not improves it may cause further loss to the traders, other experts said. The following deals were reported to have changed hands as per dealers: 600 bales of cotton from Kotri at Rs 6000, 1200 bales from Hyderabad, 1000 bales from Tando Adam, 1400 bales from Sanghar all done at the same rate, 1800 bales from Shahdadpur at Rs 6000-6050, 200 bales from Pithoro at Rs 6025, same number from Sarhari at Rs 6050, 1000 bales from Khairpur at Rs 6100, 200 bales from Bakhar at Rs 6150, 200 bales from Chistian at Rs 6150, 1000 bales from Hasilpur at Rs 6150-6200, 1500 bales from Haroonabad at Rs 6150-6250, 600 bales from Muridwala at Rs 6200, 200 bales from Samundri, 400 bales from Vahari, 200 bales from Chichawatni at Rs 6200, same number from Mian Chano at Rs 6250 and 400 bales from Khanewal at the same rate.

SOURCE: Yarns&Fibers

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GST Council to decide on cess treatment

Cess, including the Krishi Kalyan Cess and the Swachh Bharat Cess, might not be subsumed under the goods and services tax (GST). The proposed indirect tax regime would subsume several taxes such as central excise duty, services tax, additional customs duty and state-level value added tax.  But, finance ministry officials said, the Constitution amendment Act on GST does not state how a cess is to be treated under the new regime. The Act leaves it to the GST Council to decide which cess may be subsumed in GST. “While certain taxes like entry tax, Octroi and others will be automatically subsumed under the GST, the Constitution amendment Bill does not mention treatment of cesses,” said a government official. “So, there is a possibility that Krishi Kalyan and Swachh Bharat cess are not subsumed, unless the GST Council decides to discontinue these. The call will have to be taken up by the GST Council now.”

GST Council to decide on cess treatment In the current financial year, the government has budgeted Rs 10,000 crore as revenue from Swachh Bharat Cess, Rs 5,000 crore from Krishi Kalyan Cess and Rs 3,000 crore from Infrastructure Cess. Satya Poddar of EY said the Centre can retain these cess, if it wants to.  Explaining this, he said surcharge is a tax on tax and hence would go once entries containing the principal taxes are deleted. However, a cess is not a tax and it does not go into the Consolidated Fund of India, he explained. Cess is imposed for specific purpose such as education, cleanliness etc. The Constitution amendment Act  on GST omit entry 92 C of the Seventh Schedule under which the union government imposes services tax. Similarly, it amends entry 84 of the Seventh Schedule under which the union government levies excise duty to keep only some petroleum and tobacco and its products under it.  So, any surcharges imposed on these would automatically go.

However, the Act does not amend relevant entries of cess, including entry 97 of the Seventh Schedule, which deals with residuary powers of the Union government. So, if the Centre decides they can retain these.” The statement and objects of the Act also talk about subsuming cess into GST. “Hence there is inconsistency in the Act and its statement and objects,” Poddar added. A government official said if the taxes continue, these would be levied on GST, instead of only services or goods. “These cesses were put in place by the government for a very specific purpose, whether it is infra cess, Krishi Kalyan or Swachh Bharat,” he said.  Talks are on with the ministries concerned on a compensation mechanism if these cess are discontinued. “We are talking to agriculture ministry, drinking water and sanitisation ministry and others to get their views.” The Centre does not share cess with states, while all taxes under GST will have to be shared with the states. In 2014-15, Rs 75,232 crore came in as cess and surcharge, or 8.32 per cent of total tax revenue, after adjusting for states’ share.  As petroleum is expected to be taxed at zero under the GST regime initially, the Centre will continue with the cess on crude oil and other related additional duties.

SOURCE: The Business Standard

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FinMin says no need to re-notify Act on GST

The finance ministry on Monday clarified that there are no legal problems involved in the notification of the Constitution amendment Act on the goods and services, a day after speculations were raised that the government might have to re-notify the Act as existing wordings would not allow it to impose excise duty on goods even now.  "DoR (the department of revenue) examined the validity and implications of notifications dated 10th and 16th September with respect to existing taxes imposed by the Union and states. There is no legal infirmity in these notifications," revenue secretary Hasmukh Adhia said in his tweets. He added that the law department has confirmed that there appears to be no legal requirement to issue any further clarification or notification in this regard.

In a notification, the finance ministry has made the GST Council to come into operation from September 10. That creates no confusion. The confusion arose from its second notification where it notifies provisions of 19 sections under the Act to come into force from September 16. Among these notifications, most of the complications were interpreted to have come from provisions of the section 17 of the Act. The provisions say in the entry 84 of the seventh schedule of the Constitution, under  which the government imposes central excise duty, petroleum and tobacco would replace other items. This was meant to assume that the government would lose its power to impose the excise duty on other goods since the provision has come into force from September 16. Pratik Jain, leader in indirect tax, PWC, said the notification had, in fact, created some issues. In fact on Sunday, Adhia had tweeted that some questions were raised about the notifications issued recently in respect of GST Constitution amendment Act. The finance ministry, he had tweeted would clarify the correct legal position on Monday and issue amendments if the need be. The government seems to be reading provisions of section 17 in conjunction with those of section 19, which was also notified on September 16,  Jain said. The section 19 says-- notwithstanding anything in this Act, any provision of any law relating to tax in force in any State immediately before the commencement of this Act shall continue to be in force until amended or repealed by a competent Legislature or other competent authority or until expiration of one year from such commencement, whichever is earlier. When asked that the provisions in section 19 deals with state, Jain said the government appears to be including the Centre also in the State. State could also be interpreted to mean government.

SOURCE: The Business Standard

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Global Crude oil price of Indian Basket was US$ 43.86 per bbl on 19.09.2016

The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 43.86 per barrel (bbl) on 19.09.2016. This was higher than the price of US$ 43.49 per bbl on previous publishing day of 16.09.2016.

In rupee terms, the price of Indian Basket increased to Rs. 2932.76 per bbl on 19.09.2016 as compared to Rs. 2908.59 per bbl on 16.09.2016. Rupee closed stronger at Rs. 66.87 per US$ on 19.09.2016 as against Rs. 66.88 per US$ on 16.09.2016.. The table below gives details in this regard:

Particulars

Unit

Price on September 19, 2016 (Previous trading day i.e. 16.09.2016)

Pricing Fortnight for 16.09.2016

(Aug 30, 2016 to Sep 13, 2016)

Crude Oil (Indian Basket)

($/bbl)

43.86              (43.49)

45.03

(Rs/bbl

2932.76        (2908.59)

3005.30

Exchange Rate

(Rs/$)

66.87              (66.88)

66.74

 

SOURCE: PIB

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Bangladesh Silk Development Board (BSDB) propose raising duty on imported silk yarn and fabric

Bangladesh Silk Development Board (BSDB) in its working plan (2016-17) has suggested proposing National Board of Revenue (NBR) to increase the duty on imported silk yarn and fabric to save local silk industry and enhance production. As lower duty on imported silk yarn and fabrics has led to the poor use of local product, forcing many silk farmers to move to other professions. BSDB mentioned this to the Parliamentary Standing Committee on Ministry of Textiles and Jute. These were discussed at the 19th meeting of the Jatiyo Sangsad (JS) body on Sunday with its chairman Saber Hossain Chowdhury in the chair. The meeting also discussed and finalized the draft Jute Policy 2016. Aspects of the policy include expansion of jute market, improvement of quality of jute products, reducing loss of Bangladesh Jute Mills Corporation (BJMC), and becoming self-sufficient in quality jute seed production by lessening overdependence on India for import. The draft Jute Policy 2016 has been prepared and it will be submitted in the next parliament session, which will start from 25th of this month, after taking approval of the ministry, committee member Dr Enamur Rahman said.

According to government data, the country's total requirement of jute seed is about 4,500 tonnes. At present Bangladesh produces only 10 percent of the total requirement and 90 percent is imported from India. The committee also discussed various steps for development of local silk industry. It recommended shifting the closed Rajshahi Silk Mills to Chittagong Hill Tracts or any char in Noakhali, as the silk farmers of Chapainawabganj have weed out all the silk gardens there to cultivate mango. The government will acquire 5,000 acres of land in Bandarban and 5,000 acres at a char in Noakhali, Dr Enam added. The country produces 10 per cent of its total requirement of 481 tonnes of silk. The rest 90 per cent is imported, mainly from China and Thailand. The government has set a target to produce 46 tonnes silk in 2017. The committee has recommended BSDB to produce Mulberry saplings, distribute the saplings and train up farmers, produce silk spawn, and incorporate 'One House One Farm' project beneficiaries with Mulberry production.

Regarding success of the project beneficiaries for development of silk sector, Dr Enam said that already 6,900 families have been given Mulberry saplings and provided training. Bangladesh do not produce the required quantity of silk to run their silk mills. If they can produce 481 tonnes, they will be able to operate their silk mills properly. Besides, the committee discussed about the looting of various industries like Anwara Jute Mill and Eagle Textile in Chittagong, Bangladesh Textile Mills Corporation (BTMC) at Hathkhola.

SOURCE: Yarns&Fibers

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FTA with Vietnam set to boost European textile and garment retailers

The EU’s free trade agreement with Vietnam is expected to boost European growth and job creation in the retail sector, and specifically in the textiles and garments sector, according to EU trade negotiators, experts and business leaders. Speaking at an event by the Mission of Vietnam to the EU and BusinessEurope on 14 September in Brussels, the chief negotiators and ambassadors from both sides were joined by leading EU trade association representatives in urging for the speedy ratification and entry into force of the agreement. “The EU retail sector has a double interest in Vietnam as it is our second largest source of fast-moving consumer goods after China and because of growing interest for investment in retail stores in Vietnam,” said Pierre Gröning, trade policy director at the Foreign Trade Association. “For retail, the FTA with Vietnam is more important than TTIP [with the US], CETA [with Canada] and the Japan agreement combined.”

Import market

EU retailers currently import 8% of fast-moving consumer goods from Vietnam, a figure still well behind the 50% imported from China, but growing fast and set to get a boost from the elimination of tariffs under the FTA, which would lower costs for importers and European consumers. Among key export items, garments and textiles witnessed an increased turnover of US$ 15.5 billion, up 4.2% year-on-year in the first eight months of 2016, and footwear (US$ 8.6 billion, up 8.1%). Even without the FTA, EU clothing imports from Vietnam increased by 3.2% in 2015. Given the sensitivity of the sector, the full elimination of the tariffs will be staged over seven years. Rules of origin conditions for garments will require the use of fabrics produced in Vietnam, with the only exception being of fabrics produced in South Korea, another FTA partner of the EU.

Attractive destination

The Vietnamese market is also increasingly attractive to European producers and retailers. The FTA will give tariff-free access to a market of 90 million consumers – with a middle class expected to reach 30 million by 2020 – to European products including cars and motorbikes, pharmaceuticals and alcoholic beverages. Goods produced in Vietnam will have duty-free access to the 630 million plus strong Asian Economic Community and with the impending Trans-Pacific Partnership to the largest free trade area in the world. “Vietnam is a very attractive destination for investment,” said Vietnamese Vice-Minister for Trade and Industry Mr Tran Quoc Khanh. “Anything produced in Vietnam enjoys tariff-free export to most of world.”

Vietnam’s development

The agreement is also expected to boost Vietnam’s development, already considered an exceptional success story, with per capita income rocketing from US$ 100 in 1986 to US$ 2,100 in 2015. “Development has been driven by economic growth and economic growth has been driven by exports. We [the EU] pushed for a move from development aid to trade and Vietnam responded,” said EU Ambassador to Vietnam Bruno Angelet. The EU-Vietnam FTA was concluded on 2 December 2015. Signature is expected in early 2017 with entry into force by 2018. It is the EU’s FTA second with a Southeast Asian country and links the EU market with the 90 million consumers in Vietnam – with a middle class expected to reach 30 million by 2020. The agreement will eliminate 99.8% of duties on European products gradually over a 10-year period. Two-way trade between the EU and Vietnam was over EUR 45 billion in 2015 and is set to increase this year.

SOURCE: The Knitting Industry

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Myanmar allocates land for textile & apparel special zone

The Myanmar ministry of industry which had initially mooted the idea of creating a special zone for textile and garment industry earlier in August has decided to allocate 3,000 acres of land for the project. The project was earlier planned to be setup near Tadaoo in Mandalay, but challenges of transportation, forced the ministry to find another place. “We have discussed the first part of the project. The union government plans to provide 3,000 acres of land for the special zone and we are now choosing the project area,” U Thein Lwin, general manager at the ministry of industry, told Myanmar Business Today. The ministry of industry had formed the Myanmar Textiles Manufacturers Association in June to strengthen the development of the textile and garment sector by bring all textile-related business under one umbrella. “The special zone will collectively organise all textile-related businesses at the same place, which will be advantageous for the sector,” U Myo Aung, member of the Myanmar Textiles Manufacturers Association said.

SOURCE: Fibre2fashion

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Denmark keen to invest in energy, textile

Denmark is keen to expand bilateral ties with Pakistan through enhanced trade, investment, and sharing expertise mainly in energy and textile sectors, said Ambassador of Denmark to Pakistan, Ole Thonke, on Monday. Thonke, during his meeting with Governor Sindh Dr. Ishrat ul Ebad Khan at Governor House, has thanked Governor Sindh for providing all facilities to Danish investors in the province. He said that Danish investors are focusing on energy and textile sectors in particular. 'Denmark is heavily dependent on the trade with other countries for its economy adding that that maximum investment would be carried out in Pakistan to boost its overall economy and to help to eliminate terrorist activities'. Ishrat ul Ebad Khan said that the volume of bilateral trade was currently $425 million between the two countries, which needs further expansion. He said that the decision of Danish Government to provide all help and assistance to their investors desirous of investing in Pakistan would further boost the economic activities in Pakistan and specially Sindh. Presently many Danish companies are engaged in various sectors of economy in Pakistan and it is maximizing the industrialization in the country.

SOURCE: The Daily Times

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Swedish manufacturers to exhibit latest textile machinery at ITMA Asia + CITME 2016 -

Six Swedish textile machinery manufacturers will showcase their latest innovations at the upcoming ITMA Asia + CITME 2016 trade show that will take place from 20-25 October 2016 in Shanghai, the Textile Machinery Association of Sweden (TMAS) reports. China is one of the most important markets for Swedish textile machinery manufacturers. With a high degree of automatization and digitalization, Swedish companies aim to meet the demands of a rapidly changing Chinese textile industry, according to Therese Premler-Andersson, Secretary General, TMAS. Most of the participating Swedish companies have attended the ITMA Asia show from the very start, the association reports. According to TMAS, the show offers an excellent marketplace for making valuable business contacts with partners, customers and potential investors.

Eltex of Sweden AB

Eltex of Sweden AB is a leader in yarn break sensors and yarn tension monitors for textile machines. The company will present the EYE Compact yarn break sensor system for tufting, which is said to eliminate the need for manual monitoring of yarn thereby improving quality and efficiency.

IRO AB

IRO AB is a market leader in the production of yarn feeding equipment. At the ITMA Asia, new developments for technical fabrics and extremely demanding applications will be shown to the Asian market for the first time. The company’s full range of all available products will also be widely represented on weaving machines throughout the exhibition.

ACG Kinna Automatic AB

ACG Kinna Automatic AB is a leading manufacturer of textile machinery for fully automated production of bed linen. The company will showcase its unique pillow closing machine designed to close the open end of the pillow using lock stitch. The machine has an output of 9 pillows per minute, according to the manfuacturer.

ES Automatex Solution AB

ES Automatex Solution AB is a leading manufacturer of automated machines for home textile production. The company will showcase several new machine concepts, such as Terry Towel crosshemmer, which is said to increase the production by 10% (up to 1000 pcs/hour on the size 50x100 cm, 1 lane).

Eton Systems AB

Eton Systems AB is the inventor of the Unit Production System for material handling. The company offers flexible solutions for apparel, home textile and other light industry. Eton Systems support industry with optimal utilization of space, increased production, shortened delivery time, improved quality and increased profitability. Eton Systems latest development is ETONnote, a tool that further controls the production.

Baldwin Jimek AB

Finally, Baldwin Jimek AB provides solutions for finishing, remoistening, and water/chemical management. The system is said to offer many advantages compared to traditional methods of applying process chemistry. Some of these are reduced consumption of chemistry and water, reduced waste of process chemistry and water, shorter drying times – less energy, quick change overs, 2-5 min compared to 15-30 in traditional methods, the company reports.

SOURCE: The Innovation in Textiles

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Chinese currency renminbi will become more important for Australia's economy: ACBC chief

The Chinese currency renminbi will become even more important for Australia's economy, and even the world, over the next three years as China's central bank continues its internationalization, the chief of the Australia China Business Council (ACBC) said on Friday. Australia's economy is continuing a mirroring economic transition, away from mining and industrial-led growth, to services industries tailored to capitalize on the Asian middle class. Within the next 10 years, it's expected trade links with growth even further with China expected to represent up to 47 percent of Australia's healthcare exports, 41 percent of educational exports, 35 percent of Australia's tourism and 19 percent of financial services exports. "Other countries of course can tell a similar story to Australia, and all that means is the renminbi will become even more important to Australia and the world," ACBC National Chairman John Brumby told a launch of Commonwealth Bank of Australia's (CBA) renminbi Demystified report.

China's currency has undergone a journey nearly alongside the nation's economy over the last four decades from solely internal use, to opening up and becoming the fourth most used payments currency globally in 2015 and eventual acceptance into the IMF's special drawing rights basket, Brumby said. "This is part of this continuing story of China, continuing shift of economic power, the geopolitical transformation that we're seeing around the world." Australia is at a strategic gateway for the continued internationalization of the renminbi, holding the southern hemisphere's first yuan clearing house and the ability to hold local equities in the Chinese currency. The landmark China-Australia Free Trade Agreement (ChAFTA) also gives Australian businesses a framework to capitalize on the opportunities of China's consumer economy using renminbi-enabled architecture. "By helping more Australian companies build strong bridges with Chinese counterparts, using the renminbi and (ChAFTA) as the essential building blocks, together we can deliver enormous economic dividends for both of our nations," CBA Institutional Banking and Markets group executive Kelly Bayer Rosmarin said.

SOURCE: The Global Textiles

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