Australia and China agree to direct currency convertibility.
"... with Australia setting the precedent, expect many more Asian countries (at first) to follow in Australia's footsteps, because while the developed world is far more engaged in diluting its currency as a means to spur "growth", Asian and developing world nations are still engage in real, actual trade, where China is rapidly and aggressively becoming the world's hub."This is a major blow to the dollar as the world's reserve currency, and unlike with Iraq and Libya, the US can't invade China or Australia.
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