South Wales exists to this day as Westpac. The Commonwealth Bank of Australia was formed in Sydney in 1911 and began to issue notes backed by the resources of the nation. It was replaced in this role in 1959 by the Reserve Bank of Australia which is also based in Sydney. The Australian Securities Exchange began operating in 1987 and with a market capitalisation of $1.6 trillion is now one of the ten largest exchanges in the world. The Financial and Insurance Services industry now constitutes 43% of the economic product of the City of Sydney. Sydney makes up half of Australia's finance sector and has been promoted by consecutive Commonwealth Governments as Asia Pacific's leading financial centre. In the 2017 Global Financial Centres Index, Sydney was ranked as having the eighth most competitive financial centre in the world. In 1985 the Federal Government granted 16 banking licences to foreign banks and now 40 of the 43 foreign banks operating in Australia are based in Sydney, including the People's Bank of China, Bank of America, Citigroup, UBS, Mizuho Bank, Bank of China, Banco Santander, Credit Suisse, Standard Chartered, State Street, HSBC, Deutsche Bank, Barclays, Royal Bank of Canada, Société Générale, Royal Bank of Scotland, Sumitomo Mitsui, ING Group, BNP Paribas, and Investec. Manufacturing Sydney has been a manufacturing city since the protectionist policies of the 1920s. By 1961 the industry accounted for 39% of all employment and by 1970 over 30% of all Australian manufacturing jobs were in Sydney. Its status has declined in more recent decades, making up 12.6% of employment in 2001 and 8.5% in 2011. Between 1970 and 1985 there was a loss of 180,000 manufacturing jobs. Despite this, Sydney still overtook Melbourne as the largest manufacturing centre in Australia in the 2010s. Its manufacturing output of $21.7 billion in 2013 was greater than that of Melbourne with $18.9 billion. Observers have noted Sydney's focus on the domestic market and high-tech manufacturing as reasons for its resilience against the high Australian dollar of the early 2010s. The Smithfield-Wetherill Park Industrial Estate in Western Sydney is the largest industrial estate in the Southern Hemisphere and is the centre of manufacturing and distribution in the region. Tourism and international education Sydney is a gateway to Australia for many international visitors. It has hosted over 2.8 million international visitors in 2013, or nearly half of all international visits to Australia.