S. Nozdrev, Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO RAN), 23, Profsoyuznaya Str., Moscow, 117997, Russian Federation (NSV200508@yahoo.com).
At present, the competitive advantages of Yen over Yuan still remain in the financial architecture of Asia, although the interdependence between the currency of Japan and other Asian currencies decreases. Regarding the scale of operations, Yen takes the third place on the world currency market after Dollar and Euro. In 2010, its share almost reached 19%, while only 0.9% is accounted for Yuan. At the same time, the enhancement of China's role on the global financial market, the remarkable share growth of China's foreign trade in Yuans, the activàtion of economic integration processes in Asia essentially increase the opportunities of the major currencies use diversification in the region.
yuan, yen, currency market, financial architechture, financial center, Shanghai Stock Exchange, Hong Kong Stock Exchange, currency intervention, "swap" credits
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