Gillard to upstage Key with China currency plan

The Australian dollar could become the third currency after the US dollar and the yen to become directly convertible into China’s yuan and renminbi.

Reports in Australia over Easter said the convertibility issue would be pushed by Prime Minister Julia Gillard, who like New Zealand’s John Key is leading a major trade mission to China at the end this week.

China is Australia's top trading partner, with exports and imports totalling $A120 billion last financial year.

 

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