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The Australian dollar (sign: $; code: AUD) is the currency of the Commonwealth of Australia,

including its external territories Christmas Island, Cocos (Keeling) Islands, and Norfolk Island,
as well as the independent Pacific Island states of Kiribati, Nauru, Papua New
Guinea, Tonga, Tuvalu and Vanuatu. Within Australia, it is almost always abbreviated with
the dollar sign ($), with A$ or AU$ sometimes used to distinguish it from other dollar-
denominated currencies. It is subdivided into 100 cents.
In 2016, the Australian dollar was the fifth most traded currency in the world, accounting for
6.9% of the world's daily share (down from 8.6% in 2013). It trades in the world foreign
exchange markets behind the US dollar, the euro, the yen and the pound sterling. The Australian
dollar is popular with currency traders, because of the comparatively high interest rates in
Australia, the relative freedom of the foreign exchange market from government intervention, the
general stability of Australia's economy and political system, and the prevailing view that the
Australian dollar offers diversification benefits in a portfolio containing the major world
currencies, especially because of its greater exposure to Asian economies and the commodities
cycle. The currency is commonly referred to by foreign-exchange traders as the "Aussie dollar".