BRISBANE (Reuters) – U.S. and Australian officials said on Monday that financial connectivity in the Pacific region will be strengthened as financial institutions and policymakers across the region meet to discuss strengthening banking services amid growing interest from China. He said he would work to improve gender.
Pacific island countries face challenges as Western banks end long-term relationships with banks in smaller countries in the region, and others seek to close operations and restrict access to US dollar-denominated bank accounts. There is.
Australian Treasurer Stephen Jones said Canberra wanted to be the partner of choice in the Pacific region, both in banking and defence.
“If there are countries operating in the region whose primary objective is to advance their own national interests rather than those of Pacific Island countries,” Mr Jones said on the first day of the two-day Pacific Banking Forum in Brisbane. If so, we would be concerned.” When asked about Chinese banks stepping into the void, he said:
He declined to say whether China fits that description. Australia and the United States are co-hosting the forum.
The U.S. government is also increasing efforts to assist Pacific island countries in curbing Chinese influence.
“We recognize the economic and strategic importance of the Pacific region and are committed to engaging and working with our allies and partners to strengthen financial connectivity, investment, and integration,” said U.S. Treasury Under Secretary Brian Nelson. I am doing my best to deepen my knowledge.” the department’s Terrorism and Financial Intelligence Bureau;
Experts say Western banks are reducing risk to meet financial regulations, making it difficult to operate in Pacific Island countries and, in turn, undermining the financial resilience of these countries. It is said that there is.
Neither the United States nor Australia have yet made detailed announcements at the forum, and much of it is closed to the media, but Western countries that have traditionally been influential in the Pacific have expressed concerns about China’s regional influence. The comments came amid growing concerns.
The Chinese government has signed important defense, trade and financial agreements in the region. Bank of China opened branches across the region and signed an agreement with Nauru earlier this year to explore opportunities there, after Australian banks announced they would pull out of the country.
Nelson told meeting attendees that the United States recognizes and intends to work to reduce risk for banks across the Pacific.
“There is a lot to be gained by promoting financial integration around the world,” he added. “Conversely, however, if relationships with correspondent banks deteriorate, the impact could be significant.”
Nelson said correspondent banking relationships in the Pacific region have declined at twice the global average rate over the past decade. The World Bank and the Asian Development Bank are working on programs to improve corresponding banking relationships.
U.S. Treasury Secretary Janet Yellen said in a virtual address to the conference that the U.S. government is focused on supporting economic resilience in the Pacific region, including by strengthening access to correspondent banking.
“The United States is committed to a free, open, connected, prosperous, secure, and resilient Indo-Pacific. A strong and connected Pacific region benefits the United States and the global economy,” he said. Ta.
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Lucy Kramer reports in Wellington and Lewis Jackson in Brisbane. Written by Alasdair Pal. Editing: Diane Craft and Sam Holmes
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