AUD

The Australian dollar is the currency unit of Australia and the fifth largest currency in circulation in the world, after the US dollar, euro, Japanese yen and pound sterling. The symbol of the Australian dollar is A$ and its code is AUD. The issuing institution of the Australian dollar is the Reserve Bank of Australia (RBA). 

History of AUD

The history of the Australian dollar can be traced back to 1901, when the Commonwealth of Australia was established and unified the currencies of the previously scattered states. Initially, Australia was on the same gold standard as the United Kingdom and used the British pound as its monetary unit. In 1910, Australia began issuing its own silver coins and banknotes, which were still pegged to the British pound.

In 1966, Australia carried out currency reform, abolished the pound system and adopted the decimal Australian dollar system. The unit of the new currency is the Australian dollar, and its value is equivalent to half a pound (10 shillings) of the old Australian pound. There are 100 cents per dollar, and 1 cent is approximately equal to 1.2 old pence. The coins and banknotes of the new currency feature Australian animal and character designs.

In 1971, with the collapse of the gold standard, the Australian dollar began to float in accordance with market supply and demand. In 1974, the Australian dollar joined the Special Drawing Rights (SDR) basket and became one of the reserve currencies recognized by the International Monetary Fund (IMF). In 1983, the Australian dollar completely liberalized its exchange rate controls and implemented a free-floating system.

Since 1995, Australia has begun to use plastic banknotes, which are less likely to break, more durable and more beautiful than before. Since 2000, Australia has begun to issue new versions of coins and banknotes, adding anti-counterfeiting measures and design details. The face values of coins currently in circulation are 5, 10, 20, 50 cents and 1 and 2 yuan; the face values of banknotes are 5, 10, 20, 50 and 100 yuan.

AUD Price

Because Australia is a resource-rich country, its economy is affected by global commodity prices and demand. Therefore, the Australian dollar is also regarded as a commodity currency, and its exchange rate is positively related to the prices of gold, iron ore and other commodities. In addition, because Australia has close trade relations with Asian countries such as China, its exchange rate is also affected by the Asian market.

As of 2:27 pm on June 6, 2023 (Beijing time), 1 AUD is exchanged for 4.68252 CNY, and 1 CNY is exchanged for 0.21356 AUD. The highest exchange rates of the Australian dollar in the past 30 days and 90 days were 4.7000 and 4.7000 respectively, the lowest exchange rates were 4.5907 and 4.5408 respectively, the average exchange rates were 4.6428 and 4.6154 respectively, and the volatility was 0.50% and 0.56% respectively.

Conclusion

The Australian dollar is a currency with international influence, which reflects Australia's economic strength and trade status. The Australian dollar is also a popular currency with investors and travelers, offering opportunities for diversification and income. The future trend of the Australian dollar will depend on changes in the global economy, commodity markets and monetary policy.