Japan, China Set for Direct Currency Trading

by CFO Innovation Asia Staff, 29 May 2012

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Finance and Banking

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currency currency trading yen-yuan direct currency trading

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Direct yen-yuan trading between Japan and China begins on June 1, abandoning the dollar as an intermediary unit.

This is the first time China has allowed a major currency other than the U.S.dollar to trade directly with the yuan, reports the Xinhua news agency.

Citing Japanese Finance Minister Jun Azumi, Xinhua says direct trading will lower transaction costs and reduce settlement risks of the financial institutions and facilitate the using of both the Japanese and Chinese currencies.

Azumi also said that the move will boost trade and investment between the two countries.

The trading of the two currencies will be dealt at the Tokyo and Shanghai markets.

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