WESTPAC and ANZ banks will be the first to directly trade Australian dollars into Chinese yuan under a landmark currency deal that will begin on Wednesday.
The news will make it easier for businesses to trade without having to convert to US Dollars first.
Under the deal, the Australian dollar will for the first time be directly convertible into Chinese yuan, without going through the US dollar as happens now.
Australia will have the third currency in the world that can be directly traded, after the US dollar and the Japanese yen.
Loosely translated into English, the renminbi means 'people's money'.
It is the official currency of China and its base unit is the yuan.
At present, one Australian dollar buys around 6.4 yuan.
Westpac has been operating in China for about 40 years and has full branches in Shanghai and Beijing.
ANZ is Australia's largest bank in China.
My name is Leah Brown, I'm a happy woman today? I told myself that any loan lender that could change my life and that of my family after having been scammed separately by these online loan lenders, I will refer to anyone who is looking for loan for them. It gave me and my family happiness, although at first I had a hard time trusting him because of my experiences with past loan lenders, I needed a loan of $300,000.00 to start my life everywhere as single mother with 2 children, I met this honest and God fearing online loan lender Gain Credit Loan who helped me with a $300,000.00 loan, working with a loan company Good reputation. If you are in need of a loan and you are 100% sure of paying the loan please contact (gaincreditloan1@gmail.com) You can also whatsApp them at: at +44-75967-81743 (WhatsApp Only) .. and inform them Leah Brown addressed to you ..
ReplyDelete