Australian Prime Minister Julia Gillard says the Australian dollar will be traded directly with the Chinese yuan under a landmark currency deal. The move is part of Canberra’s efforts to strengthen Australia’s burgeoning economic relationship with China. The currency deal will lower transaction costs for Australian companies doing business in China. No longer will they have to convert their finances into U.S. dollars, and then into Chinese yuan, which is also known as the ...
Reported by VOA News 5 hours ago.
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