Australian Prime Minister Julia Gillard is expected to secure a major currency conversion deal with her nation’s number one trading partner as she begins a six-day visit to China Friday.
The deal has ramifications beyond Beijing-Canberra ties as a step towards full convertibility of the yuan on international markets, denting the primacy of the U.S. dollar as the world’s reserve currency of choice. Currently, Chinese and Australian companies must use the U.S. dollar as an intermediary for trade.
The Australian leader also faces the task of assuring China that her nation’s growing defense agreements with the U.S. pose no threat to Beijing.
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Monica Attard, CNN via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/VDjt1Bl7UXo/
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