Australia and China strike another nail into the US Dollar for Independence Day

Surprising it has taken this long to be considered officially, considering that China is Australia's largest trading partner.


From ABC Online

Original source

Australia is hoping to become the third country in the world to be able to directly convert its currency into Chinese yuan.

The Treasurer Wayne Swan will push the case at a currency forum in Hong Kong and during meetings with Chinese leaders in Beijing next week.

Analysts say Australia's push to directly convert its currency into yuan will make trade with China more efficient and will lower transaction costs, particularly for the country's big miners and importers.

ANZ currency strategist Andrew Salter says currently they have to go through the US dollar or Japanese yen first.

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