Chinese Premier Wen Jiabao (left) welcomes Japanese Prime Minister Yoshihiko Noda to Beijing. The two made plans to begin using their own currencies for trading instead of the dollar or euro.(Ed Jones/AFP/Getty Images)
Chinese Premier Wen Jiabao (left) welcomes Japanese Prime Minister Yoshihiko Noda to Beijing. The two made plans to begin using their own currencies for trading instead of the dollar or euro.
(Ed Jones/AFP/Getty Images)

China and Japan Agree to Far-Reaching Currency Pact

December 28, 2011  •  From theTrumpet.com
According to a set of groundbreaking new agreements, China and Japan may soon be trading with each other using Chinese yuan instead of American dollars.
 

Tokyo and Beijing announced a series of broad, innovative financial agreements on Sunday that could potentially change the status quo of this world’s financial system.

According to these agreements—which were reached between Chinese Premier Wen Jiabao and Japanese Prime Minister Yoshihiko Noda—China and Japan may soon be trading with each other using their own national currencies, without first converting to American dollars. The agreements will also allow Japan to hold Chinese yuan in its foreign exchange reserves, which are now largely dollar-denominated.

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