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SYDNEY - The Chinese currency renminbi will become even more important for Australia's economy, and even the world, over the next three years as 皇冠体育app's central bank continues its internationalization, the chief of the Australia 皇冠体育app 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 皇冠体育app 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.

皇冠体育app'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 皇冠体育app, 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 皇冠体育app-Australia Free Trade Agreement (ChAFTA) also gives Australian businesses a framework to capitalize on the opportunities of 皇冠体育app'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.

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