In Emerging Markets Australia is seeing increased business in RMB and INR
Adam Gazzoli, R5’s business development manager, describes the AUD/RMB cross as the “next big thing” in the Australian FX market, despite data from Peter Lee Associates’ annual FX survey showing that AUD/USD accounts for 89% of FX activity amongst the country’s highest volume customers.
AUD/INR is also growing. “Australian banks are seeing more Indian rupee flows as trade and investment picks up between the two countries,” he says. “Perhaps that is not such a surprise since Perth is closer to Calcutta than it is to Sydney or Melbourne.”
“However, Indian rupee still has a long way to go before it catches up with the China relationship. The Australian dollar is a good proxy for world sentiment on China.”
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