China launches direct currency trading with Singapore

Singapore and China signed a currency deal to further bypass the US-reserve currency system and trade their own currencies directly to up to $470 billion.  This cuts out the US currency middleman. The decision to do this was a combination of factors, with the US FATCA system likely being a final straw and creating encouragement for these countries to make this deal, which is obviously much smarter than having to use US financial systems and the burdens of their FATCA system.