27% of all Australian exports go to China; in fact, China is the largest trading partner of Australia.
Currently, Australian businesses can only buy the Chinese currency with American dollars, and Chinese need to do the same to pay in $AUD.
But Australia and China will sign a deal that will allow direct convertibility of the Australian dollar to the Chinese yuan, fostering even more the trade between both countries. New hedge for exporters, less risks, and obviously, less costs.
Australia will be after US and Japan (in this same year) the third country to secure direct convertibility with the Yuan.
Yuan should Internationalize much more, but China, by the moment, is far from that, direct conversion Yuan Euro don’t exist. It would be necessary a free conversion of Yuan to foster international trade.
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