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Old 04-09-2013, 01:58 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, 02:23 AM   #2
CrazyPhuD CrazyPhuD is offline
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Old 04-09-2013, 03:39 AM   #3
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Good good then. Although, comparing our dollar to USD is what we're used to.
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Old 04-09-2013, 03:45 AM   #4
Mr. Flopnuts Mr. Flopnuts is offline
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Uhh, all I'm reading is that the Aussies are going to trade China in likewise currency for deals between them. It doesn't look like they're abandoning the dollar all together. Though I s'pose I could be wrong.
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Old 04-09-2013, 07:42 AM   #5
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Old 04-09-2013, 08:17 AM   #6
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Sounds like good news.
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Old 04-09-2013, 08:17 AM   #7
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Originally Posted by Mr. Flopnuts View Post
Uhh, all I'm reading is that the Aussies are going to trade China in likewise currency for deals between them. It doesn't look like they're abandoning the dollar all together. Though I s'pose I could be wrong.
He wants the USD to collapse and I suppose thinks this is a warning that it's going to happen.
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Old 04-09-2013, 08:24 AM   #8
KILLER_CLOWN KILLER_CLOWN is offline
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You can thank the Federal Reserve for this, the dollar is pretty much worthless.
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Old 04-09-2013, 08:27 AM   #9
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the dollar is pretty much worthless.
Is it? I traded some dollars for some goods the other day.
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Old 04-09-2013, 08:27 AM   #10
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The people dealing in those transactions every day are probably happy.
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Old 04-09-2013, 08:38 AM   #11
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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.
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Old 04-09-2013, 08:39 AM   #12
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Is it? I traded some dollars for some goods the other day.
Let's see how long cheap goods at wally world last.
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Old 04-09-2013, 08:52 AM   #13
BucEyedPea BucEyedPea is offline
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Is it? I traded some dollars for some goods the other day.
Just because some are still trading in dollars for everything doesn't mean there isn't a shift going on elsewhere. Some are using bitcoin. Russia and China have announced they will use their own currencies for bi-lateral trade. Japan and China will trade using their own currencies.Iran and India decided to trade gold for oil due to US sanctions on Iran. (Happy now NeoCons?)

It's a certain thing that countries are moving away from the dollar. It's happening...and it's not going to be good for us. The US dollar is the Roman denarius. You better brace for a bumpy landing because globalization of poverty is coming. People will accept a more socialism when it happens.
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Old 04-09-2013, 08:56 AM   #14
BucEyedPea BucEyedPea is offline
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I think Kuwait and other Gulf states are moving away from the dollar too. I know they discussed being unpegged from it back around 2007.
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Old 04-09-2013, 09:12 AM   #15
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Is it? I traded some dollars for some goods the other day.
I got some services for mine.
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