Aussies about to put another nail in the coffin of the USD

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From Shanghai Daily?

Chinese and Australian central banks are considering direct trading
between the yuan and the Australian dollar, central bank Governor Zhou
Xiaochuan said yesterday. If a deal is reached, the Australian dollar
would be the third major currency allowed to be traded directly against
the yuan, following the US dollar and the Japanese yen.

Other currencies used as intermediaries for China-Australia currency
trading are sometimes unstable, said Zhou. Bilateral trade, investment
and tourism relations between China and Australia have developed rapidly
in past years, resulting in growing demand for direct currency trading.

The Chinese and Australian central banks support direct trading, said
Zhou, adding that it would be ?a good thing, a matter of course and a
choice that respects the market.? Meanwhile, Shang Fulin, chairman of the
China Banking Regulatory Commission, said the government did not have
?prejudiced regulations? on private investors seeking participation in
the banking sector.

?We have a uniform standard, threshold and benchmark for all kinds of
capital to enter the banking sector,? Shang said. ?There is no legal
barrier for private capital to enter the banking sector,? he said, adding
that the CBRC had issued a guideline to encourage private capital
investment in the sector.

Private investment accounts for 50 percent of equities in small and
medium-sized commercial banks, and as much as 90 percent in financial
institutions in rural areas, he said.

Source: http://www.thechinamoneyreport.com/2012/11/12/aussies-about-to-put-another-nail-in-the-coffin-of-the-usd/

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