China and Japan to begin direct currency trading [01 JUNE 2012]

-China and Japan will start direct currency trading as Beijing marks another stage on its journey to internationalise the yuan.
-Forex traders will be able to swap Japanese yen for the Chinese unit without having to use the -US dollar as an intermediary currency.
-China is Japan's largest trading partner, but about 60 percent of their mutual trade is denominated in US dollars.