officials recently said that China and Japan as the world’s second-and third-largest economy, is planning to direct trading the yuan and the yen.
People’s Bank of China (PBOC) on the website on Sunday in central China and Japan on cooperation in the development of financial markets statement.
statement said the two countries will promote the Chinese renminbi and the yen in cross-border transactions between the use of the direct support of the renminbi and the yen and the renminbi exchange market, the yen bond market’s healthy development.
According to “The New York Times” (The New York Times) reported, the statement is in Japanese Prime Minister Yoshihiko Noda (Yoshihiko Noda) to China during the two-day official visit reached.
“New York Times” reported that Japan is planning to buy yuan-denominated bonds in China, which will make Japan’s foreign exchange reserves in renminbi assets.
Japanese Finance Minister Ann live soon (Jun Azumi) recently said that the Prime Minister Yoshihiko Noda During the visit, the two countries will discuss matters relating to each purchase of government bonds, most likely to buy Japanese equivalent of 100 U.S. $ 2 billion yuan-denominated China’s government.
China is now America’s largest creditor, their combined $ 3.2 trillion foreign exchange reserves in the majority of U.S. dollar assets. Japan, the world’s second-largest foreign exchange reserves, its foreign exchange reserves reached $ 1.3 trillion. “The New York Times” said the Japanese currency agreement will reduce dependence on the dollar transactions, while China is committed to advancing the process of liberalization of RMB.
Georgetown University (Georgetown University) Professor Charles Kupchan said: “China’s official action has actually been clear that they believe that over-reliance on U.S. international economic and international economic structure should move towards a more In order to balance the reorientation. “
Kupchan said:” While the yuan can not as the world reserve currency, but China and Japan reached this agreement is to make the yuan liberalization is steadily advancing. “
” New York Times, “also said:” This action will make the yuan relative to other currencies. “
