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China and Australia to launch direct currency trading: Source

Posted on 04 April 2013

China and Australia will launch direct trading between the two currencies in Shanghai and Sydney within weeks to lower trade transaction costs, a foreign bank source with direct knowledge of the matter told Reuters on Wednesday.
The new currency deal will eliminate the spread between U.S. dollars and Australian dollars from the cost of converting between the yuan and the Aussie dollar………………………………………..Full Article: Source


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