Closer Asian financial ties a boost: Swan

Published: 08:43:57 AM, Fri 11 January 2013 UTC

Treasurer Wayne Swan says closer financial ties with Asia will benefit the nation and Australian companies.

Mr Swan will speak at the Asian Financial Forum in Hong Kong on Monday where finance ministers, business and financial leaders will discuss trends and developments in markets in Asia.

"At the forum I will continue to stress the importance of strengthening and developing closer financial integration within the region and the benefits this will bring," he said in a statement on Saturday.

He said he would reinforce Australia's keen interest in promoting greater use of China's official currency, the renminbi (RMB), for international trade and finance.

The RMB would be increasingly important in the Asian Century as the weight of global economic activity shifts from West to East, Mr Swan said.

On his previous trip to Hong Kong, Mr Swan and Hong Kong's financial secretary, John Tsang, announced the establishment of a joint Australia-Hong Kong RMB trade and investment dialogue.

The first will be held later this year in Sydney.

Mr Swan said his fourth visit to Hong Kong would allow him to promote Australia's economic interests in Asia.

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