Coalition backs Gillard in China currency plan

THE Coalition has backed a plan by Prime Minister Julia Gillard to secure a currency conversion deal with China.

Under the deal the Australian dollar would be directly converted into Chinese yuan, to avoid the cost of currency conversion.

Shadow parliamentary secretary to the Leader of the Opposition, Arthus Sinodinos, says the deal would cut the costs of doing business with China.

"This is something which Australian business I think including the banking sector has been pushing for some time," Mr Sinodinos said.

"The United States and a couple of other countries have already gone down this route."

Read more at ABC news online.



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