A new agreement to allow the direct trading of the Australian and Chinese currencies is a ''foundation stone'' for future jobs and investment, Australian Prime Minister Julia Gillard says.
She told a business breakfast in Shanghai today the Australian dollar would for the first time be directly convertible into Chinese yuan, cutting the cost of doing business for many companies.
Currently there is a two-step process involving conversion into US dollars. With this deal, the Aussie will be only the third currency that will be directly tradeable with the yuan, after the US dollar and the yen.
Tuesday, April 09, 2013
Australian Dollar Chinese Yuan Direct Currency Conversion... | Stuff.co.nz
Australian Dollar Chinese Yuan Direct Currency Conversion... | Stuff.co.nz
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