China to launch yen-yuan trade

28 May 2012 Last updated at 21:30 ET

Yuan notesChina has said it is looking to make its tightly controlled currency fully convertible

China will allow direct trading of the yuan and the Japanese yen, in a move aimed at promoting trade between Asia's two biggest economies.

This means the two countries will not be using the US dollar as an intermediary.

China, which sometimes has a tense relationship with Japan, is the country's biggest trading partner.

China's central bank said the China Foreign Exchange Trade system would launch this trade, starting on 1 June.

In December, the leaders of Japan and China agreed to mutually promote direct trading between the two currencies based on market principles.

The People's Bank of China said the move would help lower currency conversion costs and help facilitate bilateral trade and investment.

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Teach English in China: teacher interviews

Video about teaching English in China made by teachers working at a Primary School in Wuhan, China. For more information about this programme visit: teach-english-in-china.co.uk To apply for placement send your CV to info@teach-english-in-china.co.uk

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