Japanese and Chinese governments are discussing possible resumption of bilateral currency swaps between their central banks in case of a financial crisis with the new arrangement expecting to reach 3 trillion yen ($27 billion), local media reported on Tuesday.
MOSCOW (Pakistan Point News / Sputnik - 21st August, 2018) Japanese and Chinese governments are discussing possible resumption of bilateral Currency swaps between their central banks in case of a financial crisis with the new arrangement expecting to reach 3 trillion Yen ($27 billion), local media reported on Tuesday.
According to the Kyodo news agency, the issue will be addressed at the Japan-China Financial Dialogue set to take place in Beijing this month. Japanese Finance Minister Taro Aso and his Chinese counterpart Liu Kun are expected to participate in the event.
The media outlet noted that the scale of the new swap arrangement would be significantly bigger than the previously agreed $3 billion agreement, as the two countries hoped to strengthen financial security network and support expansion of business ties between Japan and China.
The Japanese side is summarizing the final draft agreement ahead of the meeting between Prime Minister Shinzo Abe and Chinese President Xi Jinping slated for October, and hopes that it would become a symbol of improving relations.
