Xinhua: “Japan and China will begin direct yen- yuan trading on June 1, Japanese Finance Minister Jun Azumi said Tuesday, abandoning the existing system that determines yen-yuan rates via their U.S.dollar values.
Image used to convey the idea of currency conversion (Photo credit: Wikipedia)
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.”
via Japan, China to begin direct currency trading on June 1 – Xinhua | English.news.cn.
The writing is on the wall for the US as the world’s only currency acting as a reserve and exchange currency. This is another sign that the supremacy of the US as the world leader is also beginning to wane. But Americans can relax – for now. It took the Roman Empire over 500 years to decline and the British Empire over 100 years.
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