Agreement at 3 Trillion Yen Japan, China
Japan – China summit held on the 26th, the two Governments will agree to resume the currency agreement called “swap” with 3 trillion yen scale, which mutually mutually agrees the yen and the renminbi.
Japanese prime minister Abe would tour Shenzhen, China’s tech hub and the home of Huawei Technologies and Tencent Holdings. Shinzo Abe‘s official China visit, the first by a Japanese prime minister in seven years.
Together with this summit talks, the two governments agree to resume currency agreements called “swaps” that mutually intertwine the yen and the renminbi between the Bank of Japan and the People’s Bank of China.
When this agreement is restarted, Japanese companies entering China will be able to receive renminbi supply from the People’s Bank of China, due to the trouble of the settlement system, and the Safety Net It plays the role of.
Between Japan and China, this currency agreement was concluded at a scale of 330 billion yen in 2002, but since the relationship worsened due to the problems surrounding the Senkaku Islands, it had expired in 2013 five years ago It was.
For this time, we are planning to expand the amount that we can accommodate to 3 trillion yen, which is approximately 10 times the previous time.
Regarding this currency agreement, we have agreed to accelerate talks at the Japan – China summit meeting in May this year, and this resumption agreement will reconsider the improvement of relations between the two countries.