Sunday, 27 May 2012 17:44

China And Japan Dropping Dollar Cross Rate System, Will Transact Directly

Rate this item
(3 votes)

"The two governments are eyeing setting up markets in Tokyo and Shanghai, the Yomiuri Shimbun said. The yen-yuan exchange system would help businesses in the world's second- and third-largest economies reduce risks associated with exchange rate fluctuations in the dollar and cut transaction costs, Kyodo said. It will be the first time that China has allowed a major currency except the dollar to directly trade with the yuan, Kyodo said."

Zero Hedge article


Visit the World News Desk for related stories, more dots to connect, and our world-famous analysis and commentary.

Comments can only be posted by CollapseNet members