Saturday, June 02, 2012

China and Japan Get Rid of American Dollars

Japan and China will trade the yen-yuan directly from June 1 to get rid of the dollar as the US dollar in the trade and financial transactions of the two giant Asian economies.

Japan Finance Minister Jun Azumi said on Tuesday, "From June 1, the yen-yuan exchange rate will continue to be shown on the markets of the two countries, which facilitates direct currency transactions."
This step is part of the second state agreement signed in December 2011, in order to increase direct trade without using the American currency.
Azumi said, "By transacting without using a third country currency, it is very profitable to reduce transaction costs and reduce risk."

The Japanese minister stressed that the agreement "will contribute to improving the stability of the currencies of both countries and can revive the Tokyo market."

IRIB / The Truth Seeker Media

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