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DOLLAR DOOM: Japan and China to start direct currency trading on Friday

 
Mr Martin
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05/31/2012 03:31 AM

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DOLLAR DOOM: Japan and China to start direct currency trading on Friday
TOKYO —

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.

However, there will be no fixed rates in Tokyo trade with the currencies trading freely, according to the same media reports which provided no further details.

The yen does trade freely against other major currencies on global foreign-exchange markets, including the greenback, with the dollar buying 79.50 yen in Asian afternoon trade on Tuesday.

“From June 1, the yen-yuan exchange rate will be constantly indicated in both markets, facilitating full-fledged direct exchange trading,” Finance Minister Jun Azumi told a regular press briefing.

By not using the dollar as an intermediate currency “we can lower transaction costs and reduce settlement risks at financial institutions as well as making both nations’ currencies more useful”, he added.

Read More: [link to www.japantoday.com]
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Anonymous Coward
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05/31/2012 03:34 AM
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Re: DOLLAR DOOM: Japan and China to start direct currency trading on Friday
Mr Martin (OP)

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05/31/2012 03:35 AM

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Re: DOLLAR DOOM: Japan and China to start direct currency trading on Friday
Did anyone notice china is replacing the dollar step by step ?
All that is necessary for evil to triumph is for GoodMen to do nothing.
Mr Martin (OP)

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05/31/2012 03:41 AM

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Re: DOLLAR DOOM: Japan and China to start direct currency trading on Friday
bump
All that is necessary for evil to triumph is for GoodMen to do nothing.
Anonymous Coward
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05/31/2012 03:49 AM
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Re: DOLLAR DOOM: Japan and China to start direct currency trading on Friday
Man, they just opened a DollarDoom over by my sister's place.

Can't wait to check out all of the sweet AZN imports.
Six Six Six

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06/01/2012 09:26 PM
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Re: DOLLAR DOOM: Japan and China to start direct currency trading on Friday
Can someone explain this to me as if I were a 10 year old?

In as few sentences as possible... this seems rather DOOMY.

Please tell me why.


hf
Biko
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06/01/2012 09:28 PM
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Re: DOLLAR DOOM: Japan and China to start direct currency trading on Friday
Can someone explain this to me as if I were a 10 year old?

In as few sentences as possible... this seems rather DOOMY.

Please tell me why.


hf
 Quoting: Six Six Six


Chiny says I don't want yo dolla no mo

Japy says ya me neder
Six Six Six

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06/01/2012 09:29 PM
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Re: DOLLAR DOOM: Japan and China to start direct currency trading on Friday
Can someone explain this to me as if I were a 10 year old?

In as few sentences as possible... this seems rather DOOMY.

Please tell me why.


hf
 Quoting: Six Six Six


Chiny says I don't want yo dolla no mo

Japy says ya me neder
 Quoting: Anonymous Coward 13864401


lmao
Biko
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06/01/2012 09:30 PM
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Re: DOLLAR DOOM: Japan and China to start direct currency trading on Friday
Can someone explain this to me as if I were a 10 year old?

In as few sentences as possible... this seems rather DOOMY.

Please tell me why.


hf
 Quoting: Six Six Six


The world's number 2 and 3 economies are saying "hey lets take down number 1" Sounds like a great idea!
Anonymous Coward
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06/01/2012 09:32 PM
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Re: DOLLAR DOOM: Japan and China to start direct currency trading on Friday
Is this why the markets got a bloody nose today !?
Six Six Six

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06/01/2012 09:32 PM
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Re: DOLLAR DOOM: Japan and China to start direct currency trading on Friday
Can someone explain this to me as if I were a 10 year old?

In as few sentences as possible... this seems rather DOOMY.

Please tell me why.


hf
 Quoting: Six Six Six


The world's number 2 and 3 economies are saying "hey lets take down number 1" Sounds like a great idea!
 Quoting: Anonymous Coward 13864401


So, the asian markets are trying to strengthen each other's economies by "joining" forces and this will weaken the US dollar?

scratching

Last Edited by Six Six Six on 06/01/2012 09:33 PM
Biko
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06/01/2012 09:33 PM
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Re: DOLLAR DOOM: Japan and China to start direct currency trading on Friday
Is this why the markets got a bloody nose today !?
 Quoting: subzero86


Nope.... but it was part of the reason gold spiked up... The full effects of this wont be felt for at least a week or 2
Anonymous Coward
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06/01/2012 09:35 PM
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Re: DOLLAR DOOM: Japan and China to start direct currency trading on Friday
Can someone explain this to me as if I were a 10 year old?

In as few sentences as possible... this seems rather DOOMY.

Please tell me why.


hf
 Quoting: Six Six Six


The world's number 2 and 3 economies are saying "hey lets take down number 1" Sounds like a great idea!
 Quoting: Anonymous Coward 13864401


So, the asian markets are trying to strengthen each other's economies by "joining" forces and this will weaken the US dollar?

scratching
 Quoting: Six Six Six


Da rats are jumping off the sinking ship and they are preparing for the fallout... Kind of like grade school when you and another one of your wimpy friends want to take down the biggest kid in class.
Anonymous Coward
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06/01/2012 09:37 PM
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Re: DOLLAR DOOM: Japan and China to start direct currency trading on Friday
Is this why the markets got a bloody nose today !?
 Quoting: subzero86


Nope.... but it was part of the reason gold spiked up... The full effects of this wont be felt for at least a week or 2
 Quoting: Anonymous Coward 13864401


Hope the US remains the top dog on the block !

I don't wanna watch Chinese kung-fu movies for the rest of my life !

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