On March 13, 2012, the Chinese government approved a request from Japan, to buy U.S.$10 billion worth of bonds.

Japanese officials admitted the move was to help them “diversify” away from U.S. bonds.  The move signals the growing influence of the Chinese yuan, as a international currency.

It also comes as BRICS countries prepare to sign an agreement on March 29 that would create a new international banking system that refuses to use the U.S. dollar.