The Chinese yuan is gaining influence in Australia as it pushes out the United States dollar.(iPandastudio/iStockphoto)
The Chinese yuan is gaining influence in Australia as it pushes out the United States dollar.
(iPandastudio/iStockphoto)

Australia to Sell U.S. Treasuries to Buy Chinese Bonds?

May 1, 2013  •  From theTrumpet.com
Australia knocks more support out from underneath the dollar.
 

The Reserve Bank of Australia has announced that for the first time it will invest in China by directly buying Chinese government bonds. Reserve Bank Deputy Governor Phillip Lowe was given the go-ahead by Chinese authorities to announce the approval to a business audience in Shanghai, on April 24.

Lowe said China had decided to approve Australia’s investment and that Australia would invest approximately 5 percent, approximately $2.1 billion, of its foreign currency reserves with the Chinese government.

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