Australian dollar to be directly convertible with the Yuan

Discussion in 'Currencies' started by Tacrezod, Jul 7, 2012.

  1. Tacrezod

    Tacrezod Member

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    Australia will step up its campaign to boost economic ties with its largest trading partner China with Treasurer Wayne Swan heading to Beijing next week hoping to secure a deal to make the Australian dollar the third currency to be directly convertible with the Yuan.

    http://online.wsj.com/article/BT-CO-20120705-701889.html
     
  2. Prior

    Prior Member Silver Stacker

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    Trading toilet paper for toilet paper... Silly politicians.

    It would be interesting how it would impact on the AUD-USD, we really need to be in the 50 - 60c range to stay competitive.
     
  3. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

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    Lets hope they keep him there :/
     
  4. boston

    boston Well-Known Member Silver Stacker

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    I must admit that I thought there were more than 3 currently.
     
  5. JulieW

    JulieW Well-Known Member Silver Stacker

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    Article in SMH

    http://www.smh.com.au/business/mark...uan-trading-20120705-21j5v.html#ixzz1zrf1lCwR
     
  6. BullON

    BullON New Member

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    Devaluation of currency wont make us(most australians) more competitve, just poorer. Got any other tips from your Keynesian play book Prior?

    B.
     
  7. Dogmatix

    Dogmatix Active Member

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    Depends on your perspective?

    I'd say a lot of people on here would disagree with you, care to elaborate on your comment?
     
  8. FlashInThePan

    FlashInThePan Member

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    Very few companies who export do so without importing as well.
    With our dollar weak (low) our import costs will increase including fuel.
    This may be beneficial for some, and I would guess that those beneficiary's are the large corporates and governments.
     
  9. SilverSanchez

    SilverSanchez Active Member

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    So you use $5 to wipe your arse? Dude, you the silly one! ;)
    $5 buys stuff still
     
  10. browski

    browski Member

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    I think people should cut Swannie some slack here; this meeting with China is at their behest, not at ours.

    China is looking to have settlements paid/received in currencies other than USD and JP Yen.............seems fair enough to me, I'd do the same.

    The main issue will be how Swannie handles the heat coming his way from the US when they realise what is going on. I'm expecting a Swannie backdown after a few quiet threats from the US Fed/Govt.
     
  11. silvertongue

    silvertongue Member Silver Stacker

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    Depends on the day
    Because after all, the Euro experience is working so well.... :/
     
  12. thatguy

    thatguy Active Member

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    I would say the EURO experiment is going very well.... For the right (or is that wrong?!) people. At the end of the day EURO some people now holding gold will be holding paper and some people now holding paper (printed) will be holding gold. Almost identical to my game plan... go figure
     
  13. Prior

    Prior Member Silver Stacker

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    I hate Keynesian economics, but with the American dollar being devalued its forcing us to devalue otherwise our exports will not compete on the global market. We really aren't big enough of a country to get things our way.

    To reply to silversanchez, I know but give it another 20 years a $5 bill will probably be worth less than toilet paper or not exist at all :p
     
  14. Peter

    Peter Well-Known Member

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    AUD AT 50C WILL DOUBLE THE VALUE OF YOUR PM'S ,IN AUD.

    Gold $3000 AUD,silver $50 AUD

    Nice.
     

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