Aussie dollar marks 40 years of resilience and China reliance

The float of the Australian dollar 40 years ago today forged a shock absorber that helped the country weather decades of economic turbulence and to punch above its weight in global financial markets. It may have been a tumultuous ride for what’s now one of the world’s most-traded currencies, but the highs and lows over four decades have shielded the resources-reliant economy from inflation pressures following commodity booms and helped boost exports during times of global crisis. During the glory days of the mining investment boom, the Aussie traded above $US1.10. Credit: Bloomberg Gone are the glory days of 2011 when the currency…