Japan and China have confirmed they are to begin direct currency trading on Friday. The news was confirmed this morning by Japanese Finance Minister Jun Azumi in Tokyo.

Yuan-Yen trading is due to take place at the Tokyo and Shanghai exchanges. The new mechanism means trade between the two nations can be settled directly, bypassing the US dollar.

The move means the Japanese Yen becomes the most important foreign currency to directly trade with the Yuan after the US dollar.

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