Philip Lowe: 75th anniversary of the Bank of China's first branch in Australia

Remarks by Mr Philip Lowe, Governor of the Reserve Bank of Australia, at the Bank of China Sydney Branch's 75th Anniversary Celebration Dinner, Sydney, 8 September 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

It is an honour to be here this evening to celebrate the 75th anniversary of the opening of the Bank of China's first branch in Australia. On behalf of the Reserve Bank of Australia, I would like to pass on our warmest congratulations.

The story of how the Bank of China came to establish a branch in Australia in 1942 is a story of resilience and friendship.

Over recent weeks I have had the opportunity to read about this story through the yellowed pages of the Reserve Bank's archives. When conflict came to Singapore in 1942, Mr Parkane Hwang from the Bank of China's Singapore branch decamped to what was then known as Batavia. From there, he sought a visa to travel to Australia to establish a branch of the Bank of China in Sydney. It must have been a difficult and stressful time.