Direct trade for Aust, China currency

AUSTRALIAN and Chinese currency will be traded in China for the first time under a deal to be announced by Prime Minister Julia Gillard.

And a major tourism and investment campaign will be run in Shanghai in late 2014 to take advantage of China's booming middle class and fast-growing economy.

Under the currency agreement, the Australian dollar will be directly convertible into Chinese yuan, easing costs for mining companies and other global industries.

China only has deals of a similar kind with the United States and Japan.

"This reflects the rapid growth of our bilateral trade and the value of two-way investment - and it also creates opportunities for new financial integration," Ms Gillard will tell the China Executive Leadership Academy in Shanghai on Monday.

"This is good news for the Chinese economy and good news for the Australian economy."

Ms Gillard said she hoped the deal would advance China's policy of greater internationalisation of its currency.

The prime minister is in Shanghai leading Australia's largest political delegation, which includes Foreign Minister Bob Carr and Trade Minister Craig Emerson.

She said Australia Week, hosted by Shanghai in the second half of 2014, would further boost Australia's reputation as a world-leading destination and a valuable tourism, trade and investment partner.

Events will include contemporary performing and visual arts, a gala dinner in Shanghai and meetings with potential Chinese investors.

It will coincide with Tourism Australia's Greater China Travel Mission, which attracts more than 120 Australian tourism operators.

A record 625,000 Chinese visited Australia during 2012, up 16 per cent on the previous year.

Ms Gillard on Sunday held her first official meeting with Xi Jinping, who became China's president in March.

She also spoke at the opening of the Boao Forum on Asia.

The Australian delegation will head to Beijing on Monday night.

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