| The Australian dollar's plunge to a seven-year low is turning out to be a blessing as China steers its slowing economy away from the heavy industries that helped fuel the country's mining boom.
It's more than four years since a record-high Aussie threatened to destroy manufacturing and hamstring the economy. Instead, the currency's steepest three-year slide since it was floated in 1983 is working its magic -- a weaker local dollar has spurred record tourist arrivals and education income. And it's tempered the drag from iron ore's plunge to unprecedented lows while making the nation home to the world's lowest-cost miners...............................................Full Article: Source
|