China and Japan are creating opportunities to strengthen relations to safeguard themselves against global economic turbulence, former vice-premier said.
China CITIC Bank said Tuesday that it has been approved as one of China's market makers in yuan-yen direct trading.
The direct trading of the Chinese yuan and Japanese yen that began from June 1 in Tokyo and Shanghai is "definitely a win-win game for both sides" .
The International Monetary Fund welcomed the upcoming direct interbank trading of the Chinese currency yuan against the Japanese yen.
Japan and China will begin direct yen- yuan trading later this week, bringing the yuan one step closer to becoming a truly global currency.
People's Bank of China, the central bank, said on Tuesday it "actively" supports direct trading between the yuan and the Japanese yen.
Being the two largest US debt holders, China and Japan are facing common challenges derived from the depreciation of dollar in the current dollar-dominated international monetary system.
HONG KONG - Chinese and Japanese efforts to bypass the dollar by directly exchanging yen and yuan will improve financial stability in Asia, Kiyohiko Nishimura, a deputy governor of Japan's central bank, said on Wednesday.
Chinese Premier Wen Jiabao Sunday told visiting Japanese Prime Minster Yoshihiko Noda that China is willing to work with Japan in promoting the direct use of their respective currencies in bilateral trade.
People from China and Japan agree that the economic development of the country over the sea "brings about benefits" to their own country, according to an annual survey commissioned by China Daily.
Insufficient mutual trust and the protection of sensitive industries remain two major obstacles for China, Japan and the Republic of Korea (ROK) to establish a trilateral free trade zone, a Chinese commerce official said on Sept 5.
The bilateral economic relationship between China and Japan is poised to pick up, as the latter's economy is headed toward a recovery, according to a poll.
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