The business community has welcomed a new direct currency trading deal, to be administered by ANZ and Westpac, struck between Australia and China. However, challenges remain for Aussie start-ups doing business in the Middle Kingdom.
Under the agreement, the Australian dollar will be directly convertible into Chinese yuan, easing costs for companies.
China only has deals of a similar nature with the United States and Japan. ANZ and Westpac are the first two Australian banks licensed to handle the conversion in China.