Direct exchange between Chinese Yuan and Australian Dollar beginning on April 10


According to the Sohu News, yesterday Australian Prime Minister Gillard said that the People’s Bank of China had approved ANZ and Westpac to deal with the AUD and CNY direct exchange transactions, which will start on the coming April 10. The analysts believe that China is currently Australia’s largest trading partner, bilateral currency direct exchange can help save transaction costs and reduce the risks of fluctuations in the dollar, and this will positively enhance the bilateral trade. With the acceleration of the process of internationalization of the RMB, RMB’s direct exchange with more currencies is anticipated.

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