Direct Trading

Australia's deals with China create a model for bilateral ties

Julia Gillard, Australia's prime minister. Photo: Bloomberg

Asian nations worried about China's rise would do well to take note of the deals struck by Australia last week.

Monday, 15 April, 2013, 2:31am

Direct yuan-A$ trade gets off to A$250m start

Australian Prime Minister Julia Gillard. Photo: Bloomberg

Australian Prime Minister Julia Gillard said direct trading between the yuan and the Australian dollar totalled A$250 million (HK$2.04 billion) on the first day. That is equivalent to about 70 per cent of daily commerce between China and Australia.

12 Apr 2013 - 5:43am

Yuan and Australian dollar to start direct trading

Australian Prime Minister Julia Gillard answers question from guests at an executive leadership academy in Shanghai yesterday. Photo: AP

Australia & New Zealand Bank and Westpac Banking had been approved by the People's Bank of China as market makers for the direct trading of the currencies, Gillard said in Shanghai yesterday. "This will be a huge advantage for Australia, not only for our big businesses, but also for our small and medium enterprises that want to do business here," she said.

9 Apr 2013 - 4:24am

China looking at direct yuan trade with Australian dollar

Australia's Prime Minister Julia Gillard (second left) speaks during a meeting with China's President Xi Jinping (second right) on the sidelines of the Boao Forum. Photo: AFP

China may soon allow its currency to trade directly with the Australian dollar, according to officials from the central bank and a top government think tank. The official at the People's Bank of China, who did not want to be identified, said moves were afoot to allow direct trade settlement between Australia and China, rather than through the US dollar, lowering transaction costs. He said the possibility was under discussion at the Boao Forum, on Hainan, but refused to provide a time frame.

8 Apr 2013 - 9:15am