The Central Bank of Australia has agreed on currency exchange rates with its partners from China, reports AFP.

The regulators will share 30 billion Australian dollars (US 31.2 billion dollars) and the appropriate amount of yuan.

The purpose of the transaction is to support trade and investment programs carried out between two countries.

For China it means the continuation of the policy of “internationalization” of its currency, which is still not fully convertible.

The PRC government deliberately restricts convertibility of the currency, fearing its uncontrolled growth, which would damage Chinese industry.

China is one of Australia’s key trading partners and vice versa.

In 2010, trade volume between two countries reached 106 billion Australian dollars.

Australia supplies Beijing with vital natural resources, including iron ore.

At the same time, China is an exporter of a wide range of manufactured goods to Australia.

Some Australian companies have already started trading with China in yuan.

Fortescue Metals Mining Group has signed its first deal in 2011.

China, in turn, has already carried out transactions in yuan and local currencies with several countries.

First of all, these are the states of East Asia, Middle East and Latin America.

The agreement on stock trading in yuan and rubles exists in China and Russia.