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Japan and China to start direct yen-yuan trading! Bye Bye Reserve Currency!!

 
WTF Paco
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05/29/2012 03:40 PM
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Japan and China to start direct yen-yuan trading! Bye Bye Reserve Currency!!
Japan and China plan to launch direct yen-yuan trading as of June 1 to get rid of the dollar as an intermediary unit and facilitate trade and financial transactions between the two Asian economic giants.


"From June 1, the yen-yuan exchange rate will be constantly indicated in both markets, facilitating full-fledged direct exchange trading," Japan's Finance Minister Jun Azumi said on Tuesday.

The move is a part of an agreement between the two countries in December, 2011 to promote direct trading without using the American currency.

"By conducting transactions without using the third country's currency, it will bring merits of reducing transaction costs and lowering risks involved in settlements at financial institutions," said Azumi.

The Japanese minister stressed that the deal “will contribute to improve convenience of the both countries' currencies and reinvigorate the Tokyo market.”

The China Foreign Exchange Trade System also in a statement described the move as an "important step" in "strengthening cooperation between China and Japan in developing financial markets and mutually promoting direct trading between the two currencies based on market principle."

It said that the People's Bank of China will actively support the move.

The Chinese central bank earlier Tuesday fixed a rate of 7.9480 yuan for every 100 yen.

China became the world's second-largest economy after overtaking Japan in 2010.

[link to www.presstv.ir]

Read the comments!! wtf
It's all about slim chances but a slim chance is better than none.
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05/29/2012 03:57 PM
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Re: Japan and China to start direct yen-yuan trading! Bye Bye Reserve Currency!!
bump
WTF Paco (OP)

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05/29/2012 07:44 PM
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Re: Japan and China to start direct yen-yuan trading! Bye Bye Reserve Currency!!
bump
It's all about slim chances but a slim chance is better than none.
InCogNeatOh

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05/31/2012 12:45 AM
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Re: Japan and China to start direct yen-yuan trading! Bye Bye Reserve Currency!!
Japan and China to start direct currency trading on Friday

Japan and China will start direct currency trading this week, Tokyo said Tuesday, the first time Beijing has let a major unit other than the dollar swap with the yuan.

The move, which will scrap the greenback as an intermediary unit, comes as China introduces measures as part of a long-term goal of internationalizing its currency to rival the dollar.

The two-way trade 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.

China will set a daily rate based on dealer quotes with trade allowed to move within a 3% band above or below that rate, the reports said, compared with a 1% band fixed to yuan-dollar trading.

The Chinese central bank earlier Tuesday introduced a rate of 7.9480 yuan for every 100 yen, Dow Jones said.

...

[link to www.japantoday.com]
WTF Paco (OP)

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05/31/2012 07:47 AM
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Re: Japan and China to start direct yen-yuan trading! Bye Bye Reserve Currency!!
Japan and China to start direct currency trading on Friday

Japan and China will start direct currency trading this week, Tokyo said Tuesday, the first time Beijing has let a major unit other than the dollar swap with the yuan.

The move, which will scrap the greenback as an intermediary unit, comes as China introduces measures as part of a long-term goal of internationalizing its currency to rival the dollar.

The two-way trade 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.

China will set a daily rate based on dealer quotes with trade allowed to move within a 3% band above or below that rate, the reports said, compared with a 1% band fixed to yuan-dollar trading.

The Chinese central bank earlier Tuesday introduced a rate of 7.9480 yuan for every 100 yen, Dow Jones said.

...

[link to www.japantoday.com]
 Quoting: InCogNeatOh


Add ^^^^^ to vvvv and this is going to be an interesting week!!


GET READY: Here Comes The Busiest 48 Hours In The History Of Economics

Tonight begins what we suspect will be the busiest 48 hours in the history of economics.

Thanks to the shortened week, and just generally the scheduling of events, what starts tonight is going to be epic.

We're just going to run through all the data and events, which start tonight.

At 7:00 PM ET tonight we get Korean industrial production. Following that at 7:50 comes Japanese industrial production. Those will both give good insight into the state of the Asian economy.


Read more: [link to www.businessinsider.com]


Thread: CARSH WATCH 2012: DOW Futures Dropping, CARSH is Nigh!!!

Last Edited by WTF Paco on 05/31/2012 07:51 AM
It's all about slim chances but a slim chance is better than none.

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