Another Country Jumps Ship On U.S. Dollar For Chinese Bilateral Trade
China and Australia have entered into an agreement that will allow for the direct converting of the Australian dollar to the Chinese Yuan, in the process cutting the U.S. Dollarâ€™s present status as a reserve currency out of the conversion process.
The move makes Australia, already a major consumer of Chinese goods, the first non-BRICS Nation to agree to buy and sell directly with China in its native currency. It differs from previous bilateral economic agreements between China and other countries, which thus far have provided for currency swaps, but never a direct conversion from a trading partnerâ€™s currency to the Yuan.
Instead, the U.S. Dollar has stood as the reserve currency for Chinese trading relationships with other countries â€“ although Chinaâ€™s push to supplant the Dollar with its own currency in bilateral trade agreements is gradually marginalizing the Dollarâ€™s status, as this Zero Hedge article details.
Ben Bullard Reconciling the concept of individual sovereignty with conscientious participation in the modern American political process is a continuing preoccupation for staff writer Ben Bullard. A former community newspaper writer, Bullard has closely observed the manner in which well-meaning small-town politicians and policy makers often accept, unthinkingly, their increasingly marginal role in shaping the quality of their own lives, as well as those of the people whom they serve. He argues that American public policy is plagued by inscrutable and corrupt motives on a national scale, a fundamental problem which individuals, families and communities must strive to solve. This, he argues, can be achieved only as Americans rediscover the principal role each citizen plays in enriching the welfare of our Republic.
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