Direct trading kicks off in Australian dollar and Chinese yuan
Market participants have welcomed direct trading between the Australian dollar and Chinese yuan, which launched in China's onshore foreign exchange market on April 10, saying the initiative is an important step in the globalisation of the renminbi.
Australian prime minister Julia Gillard announced the new currency exchange programme in Shanghai last week, during an official visit to China. She described the agreement as a "huge advantage for Australia". The initiative means central parity of the
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