06:32 AM EDT, 08/28/2024 (MT Newswires) -- Hong Kong plays an intermediary role in broader Australia-China economic ties and acts as a conduit for offshore transactions, said ANZ Bank.

Gold alone accounted for 79% of Hong Kong's imports from Australia in Q2 2024, wrote the bank in a note to clients. Other items of interest are seafood, wine and education services.

Hong Kong's investors are active in Australia, stated ANZ. With total investment amounting to 147 billion Australian dollars in 2023, Hong Kong ranks fifth on the list of international investors in Australia.

The outlook on bilateral trade and investment flows hinges on China's economic recovery and the Australia-China relationship, pointed out the bank.