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Direct Trading of Yen and Yuan Seen to Cut Company Costs

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Direct Trading of Yen and Yuan Seen to Cut Company Costs

by CFO Innovation Asia Staff, 26 December 2011
topics:
Finance and Banking
tags:
currency exchange direct trade trade transactions trading yen Yuan
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China and Japan are promoting direct yen-yuan trades to reduce currency risks and trading costs amid Europe's escalating crisis, reports Bloomberg.

 

Currently, about 60 percent of trade transactions between the two nations are settled in dollars.

 

“Given the huge size of the trade volume between the Asia’s two biggest economies, this agreement is much more significant than any other pacts China has signed with other nations,” Ren Xianfang, a Beijing-based economist with IHS Global Insight Ltd., told Bloomberg.

 

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