https://www.rba.gov.au/publications/bulletin/2014/dec/7.html

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moorookamick

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29/09/20

20:07

Post #: 47720352
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Originally posted by moorookamick: ↑

There's a difference between aspirations and reality...eh?
There is an economic war (some say a Cold War) happening between
the USA & China and part of the decoupling is the removal by China
of the USD from China's trade transactions.

When I supply facts to contradict your statement that direct AUD/Rinimbi iron ore transactions will never happen, you simply become personally abusive.I know that you may find the links above at odds with your ideology, but like science, mate, any good theory is data dependent...eh?

I am not a supporter of China; on the contrary I have been advocating that we process our iron ore
here in SEZs to diversify trade and minimise our economic reliance on China.

What is pro China about that...eh?
To a reasonable person, that is pro-Australia/anti-China.

At present there's about 2% of our international trade done directly via the AUD.
Since Corvid our total trade with China is now close to 40%.
Wouldn't it be nice to transact all this Chinese trade directly in AUD rather than allowing the US to skim it via USD transactions.
Furthermore, because our foreign trade transactions are done in USD, the RBA is required to hold massive reserves
of USD for international settlements.*
I'm being pro-Australia here not an Uncle Sam & his Multinationals' asslicker.

IMO our reliance on the USA militarily is as much a threat as our economic dependance on China.

There is an age old saying: "Keep your friends close and your enemies even closer"
but I guess such adages go through to the keeper on these threads...eh?

* The current status of the USD as global reserve currency permits te US to print Trillions ( it has printed $3 trillion so far this year) of greenbacks with impunity because most of the printed money ends up overseas in petro/resource/international trade dollars or in tax havens (avoiding US Tax)
China's BRI trade/development transactions are being conducted in Rinimbi so that the US does not benefit.

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https://www.rba.gov.au/publications/bulletin/2014/dec/7.html
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