from The Daily Bell:
Thanks, World Reserve Currency, But No Thanks: Australia And China To Enable Direct Currency Convertibility … A month ago we pointed out that as a result of Australia’s unprecedented reliance on China as a target export market, accounting for nearly 30% of all Australian exports (with the flipside being just as true, as Australia now is the fifth-biggest source of Chinese imports), the two countries may as well be joined at the hip. Over the weekend, Australia appears to have come to the same conclusion, with the Australian reporting that the land down under is set to say goodbye to the world’s “reserve currency” in its trade dealings with the world’s biggest marginal economic power, China, and will enable the direct convertibility of the Australian dollar into Chinese yuan – ZeroHedge/Australian
Dominant Social Theme: The world is departing from the dollar.
Free-Market Analysis: We’ve already written about this dominant social theme. We are supposed to believe the Western world is moving away from the dollar and that Australia is fundamentally breaking away from Britain and welcoming the embrace of China?
Please follow SGT Report on Twitter & help share the message.