08 April 2013 (11:40 UTC-07 Tango 06)/27 Jumada l-Ula 1434/19 Farvardin 1391/28 Yi-Mao (2nd month) 4711

“This is a huge advantage for Australia not only for our big businesses, but also for our small and medium enterprises that want to do business here.”-Julia Gillard, Australia’s Prime Minister

China and Australia have given up using the U.S. dollar to conduct business between themselves.

The major banks of Australia, New Zealand and China have agreed to use their own money; the Australian dollar and the Chinese yuan/renminbi.

Bank officials blame the U.S. dollar for the high cost of doing international business, avoiding it will save them money: “It certainly improves convenience for our customers and takes cost out for our customers to have the direct convertibility between the Australian dollar and the Chinese renminbi.”-Gail Kelly, Australia’s Westpac Bank

The ANZ bank is also taking part.  ANZ stands for Australia and New Zealand.