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Japan’s DIC is First to Use Yuan for Trade: Report

Reportedly switched from U.S. dollars to yuan to transfer payments from units in Shanghai and Shenzhen

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

According to published reports citing the Nikkei business daily, DIC Corporation, parent company of Sun Chemical and the world’s largest printing ink manufacturer, become Japan’s first company to use the Chinese yuan for trade settlement.

According to a March 24, 2010 MarketWatch report citing the Nikkei business daily, DIC switched from using U.S. dollars to yuan to transfer payments from its units in Shanghai and Shenzhen to the Japanese parent company. A DIC official added that the switch was done on a trial basis.

China has been strengthening attempts to turn the yuan into an international trading currency, and has loosened controls to allow transfers.

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