26 May 2012, Japan and China could begin using their own money for international transactions as early as June.

The two countries have been working on a plan to conduct business with each other using the yen and the yuan, and avoiding international banks requiring the U.S. dollar.

Japan’s Kyodo News said Japan and China need to use their own money in order to reduce risks associated with exchange rate fluctuations in the U.S. dollar.

Japan’s NHK is also reporting that United Kingdom and Singapore want similar deals with China. This is an acceleration of the Chinese yuan as the new international currency, replacing the U.S. dollar!