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Australia to launch Aud-RMB conversion with China

07-12-2012 09:12 BJT

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China and Australia are moving closer to a full conversion of their currencies. They have agreed to broaden their use of the RMB in trade transactions. The announcement came jointly today from Hong Kong’s Financial Secretary, John Tsang, and Australian Deputy Prime Minister and Treasurer Wayne Swan.

In Hong Kong, Australia’s Wayne Swan is calling for stronger Australian dollar-yuan ties.

Wayne Swan, Australian Deputy PM & Treasurer, said, "Australia takes a strong interest in China’s path towards full RMB convertibility and I look forward to continuing to work with my Chinese colleagues towards this goal."

Other countries from Singapore to the U.K. have also been clamoring for more access to yuan trade.

China is Australia’s biggest trading partner and a major commodities customer. Still, Australian companies dealing with Chinese trading partners have to first convert their Aussie dollars into U.S. dollars, before changing those into yuan. But the direct conversion of Aussie dollars and the yuan would help to largely reduce transaction costs.

With regards to China’s currency reform, Hong Kong’s financial secretary John Tsang said that Hong Kong would continue to play an important role in the process of making the yuan a fully convertible currency.

John Tsang, Hong Kong’s Financial Secretary, said, "Hong Kong will continue to be front and centre in the Renminbi liberalization process, and this is clearly stated in the Central Government’s national 12th five-year-plan, covering the period up to 2015."

In March, the Reserve Bank of Australia signed a 200 billion yuan, or 30 billion U.S. dollar, bilateral currency swap with the People’s Bank of China. Australia is keen to become the third country allowed to directly convert capital amounts into yuan, after the U.S. and Japan.

 

 

Editor:Zhang Jingya |Source: CNTV.CN

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