Australia and China switched to yuan

The central banks of Australia and China have signed a 200 billion yuan ($31 billion) currency swap agreement to promote trade and investment.

China has recently signed many similar agreements in an attempt to make the yuan an international currency. The Reserve Bank of Australia can exchange the Australian dollar for the yuan in China's interbank market. The agreement expands the possibilities for the yuan to be used to pay for exports and imports between the two countries. The agreement provides for the exchange of currencies between the two central banks for an initial period of three years.

According to the foreign press for ForTrader.ru