Chinese president Xi Jiping meets with Julia Gillard on April 7
(Beijing) – Direct conversion between the yuan and Australian dollar starts on April 10, the latest effort by the central government to internationalize its currency.
Australian becomes the third country after the United States and Japan to have its currency directly converted to the Chinese counterpart.
The central bank and China Foreign Exchange Trading System made the announcement on April 9. A statement says the move will reduce costs for currency conversion and promote bilateral financial cooperation.
Two of Australia's largest banks, Westpac Banking Corp. and Australia & New Zealand Bank, have been granted permission by the People's Bank of China to start trading.