23 June 2013 (13:06 UTC-07 Tango)/14 Sha’ban 1434/02 Tir 1391/16 Wu-Wu (5th month) 4711

The Bank of England and the People’s Bank of China have signed a deal in which they will directly exchange their currency, avoiding the use of the U.S. dollar.

The deal maxes out at 20 billion pounds/200 billion yuan (aka RMB).  That’s currently about $30 billion USD.

Bank officials say the deal is an attempt to create financial stability (in other words, the U.S. dollar is becoming too unstable).