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China and Australia in currency pact

Posted on 10 April 2013

The Australian dollar has become the third currency, along with the US dollar and the Japanese yen, to trade directly with the Chinese yuan. The move is seen as a significant step in China’s push for a more international role for its currency.
Beijing is trying to promote the yuan as an alternative to the US dollar’s role as a global reserve currency. “The yuan is on its way to becoming fully convertible,” said Stuart Oakley, managing director at Nomura………………………………………..Full Article: Source


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