RBA To Spend Around $1.5 Billion On Yuan

As the currency is becoming more important in global markets, Australia’s central bank has said it will spend about $1.5 billion on Chinese Yuan, reports the Australian Financial Review.

This is the equivalent of 5 per cent of the RBA’s currency reserves.

This would be the first time the RBA had invested in a sovereign currency besides Japan’s.

Read the full story here.

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