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News Link • Currencies

Tokyo and Beijing Agree on Currency Pact

• Wall Street Journal

BEIJING—A wide-ranging currency agreement between China and Japan is expected to give the Chinese yuan a more powerful role in international trade, but Beijing still must make substantial changes in how it manages its economy before the yuan becomes a currency powerhouse on the scale of the dollar or euro.

Economic woes in Europe and U.S. have undermined market confidence in the dollar and euro, but investors looking for a safe place to store their money have few other currency options. China, among other nations, has objected to the primacy of the dollar in international trade, and has suggested other .

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