Japan and China Start Direct Trading of Currency in One Week? US Dollar Out?

Things are starting to roll very fast towards the US Dollar losing its place as the world reserve currency. Incredibly, this just in from Zerohedge: China And Japan Dropping Dollar Cross Rate System, Will Transact Directly:

As Yomiuri Shimbun reported last night, China and Japan are set to launch direct currency trading, bypassing the dollar, and the associated benefits and risks, entirely. "But how can that be?" dollar purists will scream. After all, when one bypasses the dollar, one commits blasphemy to a reserve currency. Somehow we think China gets that. From the AP: "Japan and China are expected to start direct trading of their currencies as early as June as part of efforts to boost bilateral trade and investment, according to reports. With the planned step, exchange rates between the yen and the yuan will be determined by their transactions, departing from the current "cross rate" system that involves the dollar in setting yen-yuan rates, Kyodo News said on Saturday."

More specifics on how the world's second and third largest economy will just say no to dollar hegemony here.

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