China, Japan Agree to Reduce Reliance on U.S. Dollar

WRITTEN BY ALEX NEWMAN

THURSDAY, 29 DECEMBER 2011 09:10

The government of Japan and the communist dictatorship ruling mainland China announced a landmark agreement this week to facilitate trade between the two powers without using the U.S. dollar, relying instead on the Japanese yen and the Chinese yuan. According to the terms of the deal, the two governments agreed to encourage trade directly in yen and yuan without having to use American dollars as an intermediary — the current practice.