Australia and China in historic currency swap deal
The Australian Government has finalised a deal to allow the direct conversion of the Australian Dollar (AUD) to the Chinese Renminbi (CNY). Trading between the currencies commenced on April 10, making the AUD only the third currency (behind the US Dollar and the Japanese Yen) to have direct conversion with the CNY.
Press release: Australia and China announce direct currency trading
Australia Week, Shanghai
A new program to encourage trade, tourism and investment in Australia will take place in Shanghai next year. The event mirrors Australia’s successful “G’day USA” campaign and will promote Australia to China, now our biggest trading partner and most valuable source for inbound tourism.
Press release: Australia Week in China
World trade growth slows in 2012
World trade growth in 2012 decreased to 2%, down from 5.2% in 2011. Weak economic growth and high unemployment led to lower import demand in developed countries. This fed through to a lower pace for export growth in both developing and developed economies.
Press Release: World trade growth slows as Europe struggles
SOEs and international trade
The OECD discusses the possible effects State Owned Enterprises (SOEs) have on international trade in a recent publication, “State Owned Enterprises, Trade Effects and Policy Implications”. This is explored through a conceptual discussion, analysis of the importance of SOEs on the world stage, case studies and descriptions of selected countries’ frameworks for dealing with SOEs.
Lamy speaks on governance in Beijing
The Director-General of the World Trade Organization, Pascal Lamy, has encouraged China to take a more active governance role in trade related areas. Lamy suggests China is well placed to become an agent of convergence, as developing and developed countries are at an impasse in many areas such as those in the Doha Round negotiations.
Did you know?
Bound for Beijing…. In 2012 380,000 Australians left for China on short term visits, an increase of almost 25% since 2000!