Japan, China to Spur Moves to Reinstate Currency Swap Pact

Economy Politics

Beijing, Aug. 31 (Jiji Press)--Senior finance officials from Japan and China agreed Friday to accelerate bilateral cooperation, including efforts to reinstate a currency swap pact between the two countries.

Also at the regular financial dialogue, held in Beijing, the two sides affirmed their intentions to resist protectionist moves.

Japan and China demonstrated their economic cooperation, ahead of a bilateral summit that may be held in October, sources familiar with the talks said. Japanese Prime Minister Shinzo Abe is exploring the possibility of visiting China that month.

Participants at the financial dialogue included Japanese Finance Minister Taro Aso and his Chinese counterpart, Liu Kun.

At their meeting in May, Abe and Chinese Premier Li Keqiang agreed to reinstate the bilateral current swap pact at an early date. The pact allows yen to be swapped for yuan and vice versa in times of a financial crisis, to keep the financial system stable.

[Copyright The Jiji Press, Ltd.]

Jiji Press