SYDNEY: Australia's central bank said on Friday it was setting up its first office in China, just another sign of the Asian giant's increasing importance to the resource-rich country.
An office, located within the Australian Embassy in Beijing, will begin operations in mid October, the Reserve Bank of Australia (RBA) said in a statement.
The office would be headed Ivan Roberts, currently a senior economist in the RBA's Asian Economies Research Unit. The new representation would assist in the RBA's monitoring of economic and financial conditions in China while helping to build relationships with various government agencies and private entities.
China has rapidly grown to be Australia's single biggest export market thanks to demand for commodities like iron ore and coal that Australia has in abundance.
That demand has helped lift prices for Australia's exports to record highs, delivering a huge windfall to national income and funding a massive pipeline of resource projects.
As a result the RBA has markedly expanded its research coverage of China in recent years and regularly produces studies on the economy.
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