Yuan read currency news market
China and Japan started direct currency trading on Friday as Beijing marked another stage on its journey to foster the yuan’s use internationally in line with its growing economic clout.
Pedestrians walk past a foreign currency exchange retail store in Tokyo. China and Japan started direct currency trading on Friday as Beijing marked another stage on its journey to foster the yuan’s use internationally in line with its growing economic clout.
Foreign exchange traders began swapping Japanese yen for the Chinese unit without having to use the US dollar as an intermediary currency when the market opened in Tokyo.
In early trade the yuan stood at 12.335 yen.
The yuan-yen trade — part of a wider deal reached last year to forge closer ties between Asia’s two largest economies — will be allowed to move in a wider range than the narrow band at which the dollar and yuan change hands.
China will set a daily rate based on dealer quotes, with trade allowed to move within a 3.0 percent band above or below that rate, compared with a 1.0 percent band fixed to the yuan-dollar.
The trading-band rule applies only in Shanghai while free exchanges are guaranteed in Tokyo.
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I read a lot about it...2005-01-15 02:25:04 by JohnPaul
I've been to China... just briefly...
But since I'm part of the business structure that offshores jobs there... I'm concerned.
I'm not against doing business with China. I'm against a non-regulated, highly tilted bias in China's favor. IP laws for instance. China signed on to honor copyright of music and software - they don't enforce it. Again, they are very 1950s. So, if we have to buy HERO (the movie) for $19.00 where royalties make it back to Zhigy (actress) and friends but yet, they get to buy Starwars for 15 yuan (that's about $2.00 US) but never pay a cent in royalty. That's unfair.
Where they prop up is that we get goods very cheap from China - one reason that exchange rate is go beneficial is because China cannot float their currency on the international market...
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