Article

2013-04-03 Down Under

Oz to ditch USD as reserve currency, convert to Chinese Yuan

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Posted by Omanter Glinerong8657 2013-04-03 08:46|| || Front Page|| [4 views ] Top

#1 The printing of US dollars to fund debt which no one, now even the Chinese, will buy is even more troubling.

Posted by Iblis 2013-04-03 12:05|| 2013-04-03 12:05|| Front Page Top

#2 This confuses 3 different things.

Making the Yuan fully convertible, which it isn't currently. Highly unlikely IMO.

Setting up a AUD/Yuan forex market. No big deal and minimal real world impact. If there are benefits in doing it, it would have been done by now.

In practice Australia, like most countries has a mix of currencies in its reserves, and no indication of any change in this.

Posted by phil_b 2013-04-03 16:29|| 2013-04-03 16:29|| Front Page Top

#3 Correction: The proposal is to make the AUD directly convertible to Yuan, as the USD and Yen are at present.

Not much real world impact, except slightly lower forex costs.

Posted by phil_b 2013-04-03 16:37|| 2013-04-03 16:37|| Front Page Top

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