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Data Alert: Renminbi, Australian dollar start direct trading

18 April 2013

Australia and China have agreed to trade each other’s currencies directly, bypassing the US dollar and lowering transaction costs for businesses in both countries.

China is Australia’s largest trading partner, with two-way trade in goods and services totalling A$128 billion last financial year.

The agreement is a strategic step towards advancing this important trade and investment relationship. It follows last year’s A$30 billion currency swap agreement between the Reserve Bank of Australia and the People’s Bank of China.

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