01 December 2014 (12:38 UTC-07 Tango)/08 Safar 1436/10 Azar 1393/11 Bing-Zi 4712

“If the won-yuan market matures, transaction costs for the two currencies will fall and the bilateral trade will rise, contributing to economic growth for both countries.”-Lee Ju-yeol, Bank of Korea

An east Asian ally of the United States, Korea (south), has stopped using the U.S. dollar for international trade deals!  At least when it comes to buying products from China.

The Bank of Korea has begun officially trading in Chinese yuan (aka renminbi), and admitted it was to get away from the U.S. dollar!  The Republic of Korea’s won to People’s Republic of China’s yuan trading system was test run last week.

The Bank of Korea has approved 12 smaller Korean banks to directly trade won for yuan.

Chinese administrators said that under the old U.S. dollar (USD) system converting from one local currency to the USD then back to another local currency actually doubled the cost of the products purchased.  In other words, the USD is a main reason why the World economy sucks!

Anybody notice the main streamer U.S. news media rarely (if ever) talks about the World’s rejection of the U.S. dollar?

Germany & Russia fully embrace Chinese Yuan!