April 29, 2009

China-Japan Bilateral Talks Urge Currency Swaps

PMs Wen Jiabao (China) and Taro Aso (Japan) are meeting in Beijing and both nations are pressing for closer economic cooperation. China is Japan's number 1 trading partner now and hard hit by the decline in Chinese imports. Wen urged greater expansion of the Chiang Mai Initiative of bi-lateral currency swaps originally devised during the so-called Asian Flu of 1997-98 and its aftermath. This is further evidence of Beijing's desire to solidify capital flows based on the declining US dollar....

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