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Aussie on the slide in FX stakes

Turnover in the renminbi in foreign exchange markets may soon vault China's currency above the Australian dollar in global FX rankings, Guy Debelle, assistant governor for financial markets at the Reserve Bank of Australia told an industry conference yesterday.Debelle told a forum in Beijing that the 2016 Triennial FX turnover survey (soon to be released by the Bank for International Settlements) "will likely confirm that the RMB is solidly in the top ten currencies in terms of turnover, and may indeed be closing in on the Australian dollar, which is in fifth place in terms of turnover." Data from private sources already endorses this conjecture. SWIFT's global monitor, published two months ago, ranked the Aussie eighth down from sixth two years ago.SWIFT ranked RMB fifth, up from seventh.

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