China And Japan Dropping Dollar Cross Rate System, Will Transact Directly

Japan and China are expected to start direct trading of their currencies as early as June as part of efforts to boost bilateral trade and investment, according to reports. With the planned step, exchange rates between the yen and the yuan will be determined by their transactions, departing from the current "cross rate" system that involves the dollar in setting yen-yuan rates, Kyodo News said on Saturday.

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It will be the first time that China has allowed a major currency except the dollar to directly trade with the yuan, Kyodo said.

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