The correlation in currency movement is most likely a result of concrete steps taken by China over the years to reduce the need for an intermediate currency, traditionally the USD, in trade between two countries.

There's plenty of evidence that the seeds have been planted for a free-floating (potentially gold-backed) Yuan to eventually sit alongside (not necessarily displace) the Euro and USD as a major reserve currency.

January 2012: "Sheikhs fall in love with renminbi"

http://www.atimes.com/atimes/Middle_East/NA24Ak03.html

March 2012: "China has signed a $31bn currency swap agreement with Australia, a step towards boosting the renminbi’s profile in developed markets. Beijing has established nearly 20 bilateral swap lines over the past four years, but Australia ranks as the biggest economy yet to sign such a deal"

http://www.ft.com/intl/cms/s/0/4b6c4ab6-7404-11e1-bcec-00144...

April 2012: "This morning, we saw the launch of the first RMB bond outside of Chinese sovereign territories. And it happened here in London. This builds on the progress London has already made toward becoming the western hub for RMB.’

http://citywire.co.uk/global/london-launches-its-first-offsh...

June 2012: "China and Japan began direct trading of Chinese yuan and Japanese yen in Tokyo and Shanghai on June 1, in a move to boost trade and investment between the world's second- and third- largest economies, and also viewed as a further step to enable the yuan to become a truly global currency."

http://news.xinhuanet.com/english/china/2012-06/04/c_1316294...

June 2012: "China and Brazil strike $30bn bilateral swap deal to reinforce economies. Announcement also includes plans for joint satellite launches, culture centres and language networks

http://www.guardian.co.uk/world/2012/jun/22/china-brazil-bil...

August 2012: "ZIMBABWE has been urged to follow the example of some Central African countries which have taken the initiative in using the Chinese currency - the yuan. Last month a number of Central African banks were given access to yuan-denominated bonds by the China Development Bank Corporation (CDB)."

http://allafrica.com/stories/201208160818.html

October 2012: 'Chinese Gold Imports Through August Surpass Total ECB Holdings, Imports From Australia Surge 900%"

http://www.zerohedge.com/news/2012-10-21/chinese-gold-import...