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third currency, along with the US dollar and the Japanese yen, to trade directly with the Chinese yuan.
The move is seen as a significant step in Chinas push for a more international role for its currency.
Beijing is [url=http://www.fal.es/fal.php]Oakley Baratas[/url] trying to promote the yuan as an alternative to the US dollars role as a global reserve currency.
The yuan is on its way [url=http://www.iberacero.es/iberacero.asp]Gafas de Sol Oakley[/url] to becoming fully convertible, said Stuart Oakley, managing director at Nomura.
This ties in with a trend that we have been [url=http://www.iberacero.es/iberacero.asp]Gafas Oakley Deportivas[/url] observing for a some time. And being fully convertible is a pre-condition to becoming a reserve currency.
Reducing dollar dependence? China is the biggest buyer of Australias natural resources such as [url=http://www.staimanmedia.com/ray-ban.php]Cheap Ray Bans UK[/url] iron ore.
But with no mechanism in place to directly convert between the Australian dollar and the [url=http://www.masercisa.es/es.asp]Gafas Oakley Baratas[/url] Chinese yuan, the two countries have long used the US dollar as a trading currency.
Indeed, most commodities and commodity futures are priced using the US currency.
Continue reading the main story Start Quote There is no international
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