The true value of Australia's renminbi conversion

The direct currency conversion deal between Australia and China will not be material in the short-term, but in time heavy two-way trade will mean the savings on transaction and hedging costs will be significant.

The agreement to allow direct conversion of Australian dollars into China’s renminbi and vice versa is a major and positive development in the economic and trade relationships of the two countries as well as the latest example of China’s accelerating internationalisation of its currency.

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