Australia and China will discuss the potential for direct conversion of the Australian dollar and the yuan, Australian Treasurer Wayne Swan says, a move would reduce costs related to trade between the two countries. Candy Ho, HSBC head of yuan business development, Asia-Pacific expects the discussion shouldn't have significant impact on offshore yuan market in Hong Kong. Instead, it delivers a "strong signal" to encourage Australian corporates to use the yuan as an investment vehicle, which could help to boost the liquidity of both currencies(CNY and AUD) in the long run, Ho says. HSBC believes that by 2015 some US$2 trillion of Chinese trade will be settled in yuan, making it one of the top three trading currencies in the world.
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