The China Foreign Exchange Trade System said on Tuesday that it will start direct trading of its currency against the Australia dollar based on market principals.

The move will promote the use of the yuan and the Australia dollar in bilateral trade and investment, and strengthen financial cooperation between the two countries, according to a statement issued by the People's Bank of China (PBOC).

The PBOC said it supports the measure, which will play a key role in pushing forward bilateral trade ties. Endi

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