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Beijing (CNS) -- Chinese and Australian central banks are considering direct trading between the yuan and the Australian dollar, a senior official at the People's Bank of China (PBOC) said on Sunday.
Bilateral trade, investment and other economic activity between China and Australia have developed fast, causing increased demand for direct currency trading, Zhou Xiaochuan, governor of the PBOC, said on the sidelines of the 18th National Congress of the Communist Party of China.
According to data from China customs, the amount of bilateral trade between the two countries in 2011 reached 114.84 billion U.S. dollars, a year-on-year increase of 32.1 percent.
Other major currencies that have been used as intermediaries for China-Australia currency trading are sometimes unstable, Zhou said.
He also said that China has accumulated experience in launching direct trade between the yuan and other currencies.
China and Japan started direct currency trading on June 1 this year.
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