Yuan fetches 12.33 yen at start of Japan, China currency trading

16:01, 1 June 2012

TOKYO. June 1. KAZINFORM Direct trading in the Japanese and Chinese currencies started Friday with the yuan fetching 12.33 yen at the outset, bypassing the U.S. dollar in a development expected to boost trade and investment between Asia's two biggest economies.

photo: QAZINFORM

Yen-yuan trading was previously conducted by referring to their respective exchange rates against the dollar and so was subject to risks associated with fluctuations in the U.S. currency and increased costs to settle trade and investment transactions, Kyodo reports.

The first direct exchange rate was marked early morning in Tokyo, according to the Bank of Tokyo-Mitsubishi UFJ. It compared with 12.39 yen, the rate calculated via the dollar at Thursday's close in Shanghai.