Thursday, April 25, 2013
The Reserve Bank has underlined its confidence in the Chinese yuan's future role as a reserve currency for the Asian region, saying it will invest $1.6 billion in Chinese government debt.
As part of a push to deepen financial ties with Australia's biggest trading partner, the central bank will put 5 per cent of its $32.4 billion in net foreign exchange reserves into Chinese sovereign bonds, it said on Wednesday.
After China this month allowed direct trade between the Australian dollar and the yuan, or renminbi (RMB), the move is another attempt to spur on the gradual opening up of China's financial system.
Read more: http://www.smh.com.au/business/rbas-16b-investment-points-to-future-in-yuan-20130424-2if1q.html#ixzz2ROV3k1en
Today Australia and New Zealand commemorates ANAZC Day. On this day we recognize the ultimate sacrifices that Aussies and Kiwis paid fighting shoulder to shoulder in thousands of pointless campaigns, where "our" men fought "their" men for the enrichment of the same elite. The wars may have been pointless but their sacrifices for each other were not. Lest we forget.