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Japan and China to start direct currency trading on Friday

Posted By kurtnimmo On May 29, 2012 @ 5:01 am In Global Crisis,Old Infowars Posts Style,Tile | Comments Disabled

May 29, 2012

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.

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