During a meeting between Premier of China’s State Council Li Keqiang and Japanese Prime Minister Shinzo Abe, the two countries announced a set of measures ensuring the strengthening of mutual trade and financial ties. China will allow Japanese investors to buy assets using offshore yuan for a sum of up to $31,4 billion dollars and a bank for clearing payments will be opened in Tokyo. More important is that the two countries will resume talks on implementing a foreign currency swap agreement. Such a massive breakthrough is taking place during a time when the second and third largest economies in the world are facing an imminent threat of having a trade war break out with the US. READ MORE: China Sends Clear Message to Bellicose US by Warming Ties With Japan Expert at the Chinese Institute for Modern Foreign Relations Chen Fengying points out that it is hard to overestimate the value of the possible currency swap agreement in the face of a trend for diversification in the sphere of international finances and high volatility of currencies. The scholar further notes that the possible agreement could strengthen trust between China and Japan and alleviate geopolitical tensions, which is crucial for direct investments. The head of the Center for International Financial Studies at the Chinese Academy of Social Sciences Liu Dongming is confident that the currency swap agreement can yield many positive results not… Read full this story
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