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Old 04-09-2013, 02:58 AM  
teedubya teedubya is offline
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AUSTRALIA moves out of the USD

http://www.theaustralian.com.au/busi...-1226614879328

Westpac, ANZ secure deal to trade Australian dollar and Chinese Yuan
BY:SID MAHER IN SHANGHAI From: The Australian April 08, 2013 12:21PM

WESTPAC and ANZ have been granted the rights to directly trade Australian dollars and Chinese Yuan as part of an agreement to directly trade the two currencies on the Chinese mainland.

The currency deal, which will be formally announced tomorrow, will make the Australian dollar only the third major currency to be directly traded with the Yuan on the Chinese mainland.

The two big Australian banks will be granted maker status.

ANZ managing director Mike Smith said the market would start small but could quickly rise to the billions.

Julia Gillard said the agreement would lay an important foundation stone for the future,

The deal will allow direct trade between the Australian dollar and the Yuan and take away the need to convert to US dollars in international deals.

The deal will save companies a few basis points, according to Mr Smith.

''This is a huge advantage for Australia,'' Ms Gillard told reporters in Shanghai on Monday.
Ms Gillard said the agreement, which will be formally announced on Tuesday in Beijing, followed months of negotiations.

The first trades are due to occur on Wednesday.

''Step number three - having got the approval to do it, having created the market makers - is of course to see trading happen and create a deep and liquid market,'' Ms Gillard said.

''In order to do that we've got to get the message out that this is newly available for Australian businesses ... and for businesses here in China.''

Ms Gillard said it was a strategic step forward as Australia increased its economic engagement with China, the nation's number one trading partner.

Westpapc chief Gail Kelly, who along with Mr Smith joined Ms Gillard in Shanghai, said it was a great opportunity for Westpac customers.

''It certainly improves convenience for our customers and takes cost out for our customers to have the direct convertibility between the Australian dollar and the Chinese renminbi,'' she said.

''This is a strategic development and really does signal a deepening of relationships between China and between Australia, it signals deepening of trade connections and great opportunities for future growth.''

Loosely translated into English, the renminbi means `people's money'.
It is the official currency of China and its base unit is the yuan.

At present, one Australian dollar buys around 6.4 yuan.

Westpac has been operating in China for about 40 years and has full branches in Shanghai and Beijing.

ANZ is Australia's largest bank in China.
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Old 04-09-2013, 10:35 AM   #16
blaise blaise is offline
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Quote:
Originally Posted by BucEyedPea View Post
They aren't the only ones to be doing this. There's capital flight happening and it's not major news. The meltdown is occurring and reports otherwise about that things are all fine is BS.
Really, I think it's just a streamlining issue. I could be wrong, but they're just removing a step from the conversion process.
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Old 04-09-2013, 10:49 AM   #17
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Originally Posted by blaise View Post
Really, I think it's just a streamlining issue. I could be wrong, but they're just removing a step from the conversion process.
It's because nations with large outside debts will need income to service their debts and they cannot trade sufficiently to do so. These countries are taking necessary steps to avoid a worse situation as the dollar declines. Some of them are getting gold. Some investors like Soros, Paulsen are getting gold.
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Old 04-09-2013, 10:59 AM   #18
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Reading comprehension fail.

Before this, if an Australian business/bank needed to do business in China, they would first convert AUD to USD. Then USD to Yuan. They are just making the process more efficient and are definitely not dropping the USD.
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Old 04-09-2013, 11:03 AM   #19
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Quote:
Originally Posted by BucEyedPea View Post
They aren't the only ones to be doing this. There's capital flight happening and it's not major news. The meltdown is occurring and reports otherwise about that things are all fine is BS.
If there is a capital flight anywhere, it is into US debt. I don't think you could be more wrong even if you tried.
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