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RBA signs $30b currency swap pact with China

 

The Reserve Bank said it had signed a bilateral local currency swap agreement with the People's Bank of China (PBC).

 

The central bank said the agreement allows for the exchange of local currencies between the two central banks of as much as $30 billion or 200 billion yuan. It is for an initial period of three years and can be activated by either party.

 

The RBA said the deal aimed to support trade and investment between Australia and China, particularly in local-currency terms, and to strengthen bilateral financial cooperation.

 

Normally payments are converted to USD and then to the individual currencies. Maybe this is a step toward the USD losing its global status as more countries deal direct...

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w?s=%5EAORD

 

 

All Ords closed +0.8%, yep right on resistance once again. In the sectors, IT +2.2%, Healthcare +1.5% were the leading sectors. Gold came in +1.2% but there was a lack of action in the general mining and materials sectors.

 

All green in Asia: China +0.2%, Honkers +1.4%, India +0.5% and Nikkers +1.9%.

 

 

On to UK/Europe:

 

 

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Looks like its done sideways down and building base for another leg of upward thrust...unfortunately. Thrust may come come quickly too. Longer term stuff it looks done, though. So, mixed readings. Intermediate term thrusters should still give it enough push to at least challenge the highs about $10 away or so.

 

Double top, with obligatory stop run a wee bit higher might be an interesting play, though. :unsure:

 

Shrot 390 maybe?

 

Goldmember - Thanks for your response.

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