The International Monetary Fund (IMF) has welcomed the upcoming direct interbank trading of the Chinese yuan against the Japanese yen. It calls it a key step to enhancing financial integration between the two major economies.

IMF Chief Spokesman Gerry Rice made the remarks at a regular press briefing in Washington on Thursday. The country's market operator is the China Foreign Exchange Trading System. It says that direct interbank yuan-yen trading will begin on China's interbank foreign exchange market on June 1.

This brings the yuan one step closer to becoming a truly global currency. China has been taking steps recently to open its financial markets and internationalize yuan.

(CNTV.cn May 31, 2012)