Sunday, 27 May 2012 17:44

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

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"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."

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