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Australia Pushes for Further Liberalization of the Yuan Australia Treasurer Wayne Swan spoke at a forum for private sector and policy makers in Hong Kong on Wednesday. He pushed for further liberalization of the yuan and a better market for Australian dollar-yuan transactions. [Wayne Swan, Australian Treasurer]: "Now Australia takes a strong interest in China's path towards full RMB convertibility, and I look forward to continuing to work with my Chinese colleagues towards this goal." Australia would like to become the third country, after Japan and the United States, to be allowed to directly convert capital amounts to the yuan. Australia's central bank signed a bilateral currency trade agreement with China's central bank last March. It allows for the exchange of local currencies up to $30 billion, or 200 billion yuan. Swan says the March deal is important, and Canberra is determined to help drive trade progress in the region during this "Asian century." [Wayne Swan, Australian Treasurer]: "This important measure ensures that Australian businesses can always access a ready supply of RMB through their own bank when they need to settle up in RMB with a Chinese firm. We are determined to build on these really important steps, to ensure we are partners in the Asian century, helping to drive our region, not just passengers." Swan will also be visiting Beijing to commemorate 40 years of diplomatic relations between China and Australia. Hong Kong Financial Secretary John Tsang said the former British colony will be taking the lead ... From: NTDTV Views: 65 4 ratings Time: 02:05 More in News & Politics