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Coalition backs Gillard in China currency plan

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, Arthur 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.

"The bigger picture for us with China is encouraging them to keep growing the consumption base of their economy and moving away from perhaps some of the exchange rate issues that have been there in the past, which will be good for our prospects going forward."

A report in The Australian newspaper said Ms Gillard might sign the deal in Shanghai soon after attending the Boao Forum for Asia in early April.

The forum on the Chinese Island of Hainan will also be attended by Chinese president Xi Jinping.


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