Sorry, Mates, Strictly Business: Australia Wants To Cut Out US Dollar In Trade With China

International Business Times – Australia is seeking to bypass trading in U.S. dollars with China in an effort to avoid the commercial uncertainties that come with the recent fluctuations in the greenback. For example, just a half a year ago, the dollar traded at about $1.20 to the euro; by February, it had weakened to $1.34 per euro and now it is going for $1.27. Eliminating the dollar in trade will be the focus of Australian Prime Minister Julia Gillard’s trip to Beijing next week. Trade with China, Australia’s primary trading partner, totaled $120 billion in the last fiscal year. China buys nearly one-third of Australian exports. Read Article

Source Article from http://openyoureyesnews.com/2013/04/10/sorry-mates-strictly-business-australia-wants-to-cut-out-us-dollar-in-trade-with-china/

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