The People's Bank of China has opened its south Pacific office in Sydney of Australia. This is the seventh overseas office of the Chinese central bank.

"The representative office was offically opend last Sunday," a central bank spokesperson confirmed to Xinhua.

The opening of the office will help expand the bank's cooperation with monetary authorities in the south Pacific region in monetary and financial policy research, development of the financial markets, personnel training and other areas, the spokesperson said.

According to the spokesperson, China's central bank has already established close ties with the central banks and financial market regulators in Australia, New Zealand and other nations in the south Pacific region.

China has in recent years nurtured a close trade relations with south Pacific countries. Australia is now a major supplier of iron ore, wool, natural gas and other important products to China, while New Zealand is the first developed nation to start free trade area talks with China.

The central bank spokesperson said the new office will help enhance economic and financial cooperation between China and south Pacific countries to a new height.

China's central bank has earlier set up representative offices in New York, Tokyo, London, Frankfort, Abidjan. It also has a liaison office at the Caribbean Development Bank.

Source: Xinhua