Related News
Yen-yuan direct trading starts
Source: Xinhua |
June 1, 2012, Friday
|
Online Edition
Online Edition
The Chinese yuan fetched 12.33 Japanese yen in Tokyo foreign exchange market at 9 a.m. local time today, the first day for direct yen-yuan trading.
Japanese Finance Minister Jun Azumi announced Tuesday that yen-yuan direct trading begins form today at the Tokyo and Shanghai markets.
The direct yen-yuan trading would reduce the transaction cost and exchange risk in bilateral trading and investment, all Japanese and Chinese companies involving will benefit from the new system.
The trading rate will be determined in different ways in the two sides. In Shanghai, Chinese monetary authorities will released a reference rate every morning. In Tokyo, the exchange rate will be determined by market.
The move is broadly seen as a way to boost trade and investment between the world's second- and third- largest economies, and as part of measures China took to internationalize its currency.
Japanese Finance Minister Jun Azumi announced Tuesday that yen-yuan direct trading begins form today at the Tokyo and Shanghai markets.
The direct yen-yuan trading would reduce the transaction cost and exchange risk in bilateral trading and investment, all Japanese and Chinese companies involving will benefit from the new system.
The trading rate will be determined in different ways in the two sides. In Shanghai, Chinese monetary authorities will released a reference rate every morning. In Tokyo, the exchange rate will be determined by market.
The move is broadly seen as a way to boost trade and investment between the world's second- and third- largest economies, and as part of measures China took to internationalize its currency.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
