Leaders of China and Japan Agreed to Enhance Mutual Cooperation
OREANDA-NEWS. December 26, 2011. To support the growing economic and financial ties between
I. Promoting the use of RMB and JPY in cross-border transactions between
A. Facilitating trade settlement in RMB and JPY to reduce foreign exchange risks and transaction costs for exporters/importers in both countries; and
B. RMB-denominated FDIs from
II. Supporting the development of direct exchange markets between RMB and JPY.
III. Supporting sound development of RMB and JPY bond markets.
A. RMB-denominated bonds issued by Japanese companies in Tokyo and other overseas markets; and RMB-denominated bonds issued by Japan Bank for International Cooperation in Mainland China markets as a pilot program; and
B. Application process is underway for the Japanese authority to invest in Chinese government bonds.
IV. Encouraging the private sector to develop RMB-denominated and JPY-denominated financial products and services in the overseas markets.
V. Establishing “Joint Working Group for Development of China-Japan Financial Markets” to promote mutual cooperation in the above-mentioned areas.
In addition, we agreed to accelerate the ASEAN+3 financial cooperation, including introducing the regional crisis prevention function and further strengthening the crisis resolution mechanism of CMIM.