The Australian Dollar, sometimes referred to as the Aussie dollar or the Aussie, is the currency for the Commonwealth of Australia. This includes states such as the Coco Islands, the Pacific Island states, Christmas Island and Australia. The Australian dollar replaced the Australian pound in 14th February 1966. It became a free floated currency in in 1983.
The Australian dollar is the fifth most trade currency on the global foreign exchange markets, accounting for around 6.9% of trade on the global foreign exchange markets.
The Australian dollar is often referred to as a commodity currency owing to Australia’s substantial raw material exports particularly to China. For this reason, the Aussie is considered a liquid proxy for China.