from Silver Phoenix 500:

China’s push to make the yuan the world’s reserve currency could spell a period of increased volatility for the Australian dollar even as it opens up new opportunities for local investors and businesses.

The world’s second-largest economy has sped up its internationalisation of the yuan, also known as the renminbi (RMB), with the central bank, the People’s Bank of China, doubling its daily trading band in mid-March.

Last week, New Zealand became the fourth currency to be directly convertible into the yuan.

”Through this internationalisation, China’s going from being the world’s manufacturer to the world’s banker,” said Hayden Briscoe, director of Asia-Pacific fixed income at fund manager AllianceBernstein.

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