TOKYO - The Chinese yuan fetched 12.33 Japanese yen in Tokyo foreign exchange market at 9 a.m. local time Friday, the first day for direct yen-yuan trading.
Japanese Finance Minister Jun Azumi announced that yen-yuan direct trading begins form June 1 at the Tokyo and Shanghai markets Tuesday, on a press conference.
The direct yen-yuan trading would reduce the transaction cost and exchange risk in bilateral trading and investment, all Japanese and Chinese companies involving will benefit from the new system.
The trading rate will be determined in different ways in the two sides. In Shanghai, Chinese monetary authorities will released a reference rate every morning. In Tokyo, the exchange rate will be determined by market.
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.
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 130349 
