China and Australia Agree on Currency
Thursday 11 April 2013
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Australian dollar became the currency of the third after the Japanese yen and the U.S. dollar traded directly with the Chinese Yuan.
The move is a significant step for China which is trying to push its currency play a greater role in international trade.
Economy
Beijing has been trying to promote the yuan as an alternative global reserve currency other than the U.S. dollar.
"Yuan is currently heading the currency fully convertible," said Stuart Oakley, Director of Nomura.
"We have a deal as has been the trend., And is now a pre-condition for a global reserve currency."
China today is the largest buyer of Australia's natural products such as iron ore.Reduce business expenses
However, because so far they do not have a mechanism to perform a direct conversion between the Australian dollar with the Chinese Yuan the two countries use the U.S. dollar sebaggai transaction tool.
Thus all commodities priced in the currency of the United States.
The new agreement reached between China and Australia have a major impact, some estimate that kepakatan intercompany purchase of the two countries using one currency and Dollar Chinese Yuan both Australia will increase.
"Currently there is no international law that says that all contracts must use the U.S. Dollar," says Oakley.
Agreement between China and Australia are expected to reduce costs when they successfully reach a business arrangement.
Until now, companies from the two countries must first convert their currency into U.S. Dollars, before swapping to the Yuan or the Australian dollar.
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Judul: China and Australia Agree on Currency
Ditulis oleh Unknown
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