26 Dec '11, 9pm

Beijing, Tokyo move to bypass US dollar

TOKYO - Japan and China will promote direct trading of the yen and yuan without using United States dollars and will encourage the development of a market for companies involved in the exchanges, the Japanese government said on Sunday after a meeting between Prime Minister Yoshihiko Noda and Chinese Premier Wen Jiabao in Beijing. Tokyo will also apply to buy Chinese bonds next year, allowing the investment of yuan that leaves China during the transactions - the yuan is a denomination of the renminbi. The move lessens demand for the US dollar and therefore its value and importance, especially considering the size of the Chinese and Japanese economies, the world's second and third largest economies, respectively. China is Japan's biggest trading partner with ¥26.5 trillion (S$439.4 billion) in two-way transactions last year, from ¥9.2 trillion a decade earlier. "Given the hu...

Full article: http://www.todayonline.com/World/EDC111227-0000046/Beijin...

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