Recently, at the invitation of FORTESCUE LTD, a leading Australian mining company, Chinese banks in Australia attended the “Fortescue China 2025 Annual Celebration Night” in Shanghai. Together with global partners, they witnessed how the internationalization of the RMB is driving China-Australia green trade and financial cooperation into a new stage. The event, themed “Fortescue Together, Embarking on a Journey,” not only recognized the achievements of existing bank-enterprise collaboration but also expressed a vision for further collaboration in the green and low-carbon sectors. The CEOs of Fortescue’s Metals and Growth & Energy businesses, along with their senior management team, discussed new opportunities with senior banking executives and business leaders, including representatives from Bank of China Sydney Branch and Industrial and Commercial Bank of China (ICBC) Sydney Branch.
As a crucial financial bridge for China-Australia economic and trade cooperation, Chinese banks in Australia have long been committed to promoting trade and investment cooperation, supporting businesses’ green and low-carbon transformation, and actively expanding the internationalization of the RMB. This year, Bank of China Sydney Branch and Industrial and Commercial Bank of China Sydney Branch jointly led the successful syndicated RMB 14.2 billion senior fixed-term loan for Fords River. This transaction is not only the first large-scale senior RMB syndicated loan issued by an Australian company in the international market, but also a significant initiative by Chinese banks in Australia to promote China-Australia economic and trade exchanges, support multinational companies in pursuing green, low-carbon and sustainable development, and promote the RMB as a mainstream international financing currency. It demonstrates the unwavering commitment of Chinese banks in Australia to supporting the internationalization of the RMB.
As a leading Australian mining company, Fords River, with its unique corporate culture, innovative spirit, exceptional infrastructure development capabilities, and outstanding mining operations, is transforming into a global green technology, resources, and energy company. By eliminating the use of fossil fuels, it aims to achieve true zero-emissions in its Australian iron ore onshore operations by 2030. It also aims to lead the decarbonization of global heavy industry through the development of green energy technology solutions. Leveraging their exceptional cross-border financial services, Chinese banks in Australia have long provided the company with comprehensive, integrated financial services, supporting its sustainable development. The successful implementation of this RMB syndicated loan further solidifies the significant position of Chinese banks in Australia’s mainstream financial market and provides a successful model for RMB financing for more international companies.
Moving forward, Chinese banks in Australia will continue to firmly implement and deepen cross-border financial innovation, promote RMB internationalization through high-level opening-up, support more multinational companies in achieving energy transition and sustainable development, and contribute the banking industry’s strength to promoting China-Australia trade and investment cooperation and building a community with a shared future for mankind.
