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Sorry, Mates, Strictly Business: Australia Wants To Cut Out US Dollar In Trade With China
International Business Times ^ | 3/29/2013 | Ryan Villarreal

Posted on 04/01/2013 9:53:45 AM PDT by autumnraine

ustralia 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.

"The value of such a deal would be substantial for exporters to China, especially those that import a lot from China, like mining companies, as it would remove business constraints including exchange-rate risks and transaction costs," said Australia’s former ambassador to China, Geoff Raby, according to the Australian.

(Excerpt) Read more at ibtimes.com ...


TOPICS: Australia/New Zealand; Business/Economy; Foreign Affairs
KEYWORDS: china; globalism; trade; usdollar
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To: nascarnation

Combine that with the idiotic recommendations of people like Chief Rain in the Face Warren for a $22 hour minimum wage, and you’ll soon see $50 burgers.


21 posted on 04/03/2013 11:05:41 AM PDT by Pining_4_TX (All those who were appointed to eternal life believed. Acts 13:48)
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To: Pining_4_TX; jimfree

(to both due to similar content)

I’ve no disagreement on Australia doing it on those grounds, just that the US would react in some way. That’s why I was leading on to longer-term consequences - and that they can occur even with the least favorable conditions.


22 posted on 04/03/2013 6:26:22 PM PDT by setha (It is past time for the United States to take back what the world took away.)
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