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Japan and China to launch yuan and yen direct trading

Published / by bestforexadvisor / Leave a Comment

Japan and China said Tuesday they will start direct currency trading this week, marking the first time Beijing has let a major unit other than the dollar swap with the yuan. The move, which will scrap the US currency as an intermediary unit, comes as China introduces measures as part of a long-term goal to internationalise its currency, Currency Exchange Toronto and rival the dollar as the world’s benchmark. The yuan-yen trade — part of a wider deal reached last year between Beijing and Tokyo to forge closer ties — will also be allowed to move in a wider range than the narrow band at which the dollar and yuan change hands, Dow Jones Newswires and the Nikkei business daily reported. Continue reading