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Japan, China Seek to Revive Bilateral Currency Swaps Worth $27Bln - Reports

© AP Photo / Ma Zhancheng/Xinhua via APIn this photo released by China's Xinhua News Agency, Japanese Prime Minister Shinzo Abe, second from left, and Chinese President Xi Jinping, second from right, meet on the sidelines of the G20 summit in Hamburg, Germany, Saturday, July 8, 2017.
In this photo released by China's Xinhua News Agency, Japanese Prime Minister Shinzo Abe, second from left, and Chinese President Xi Jinping, second from right, meet on the sidelines of the G20 summit in Hamburg, Germany, Saturday, July 8, 2017. - Sputnik International
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MOSCOW (Sputnik) - Japanese and Chinese governments are discussing possible resumption of bilateral currency swaps between their central banks in case of a financial crisis with the new arrangement expecting to reach 3 trillion yen ($27 billion), the Kyodo news agency reported on Tuesday.

According to the local media, the issue will be addressed at the Japan-China Financial Dialogue set to take place in Beijing this month. Japanese Finance Minister Taro Aso and his Chinese counterpart Liu Kun are expected to participate in the event.

North Korean leader Kim Jong Un, right, talks with South Korean President Moon Jae-in at the border village of Panmunjom in the Demilitarized Zone, South Korea, Friday, April 27, 2018 - Sputnik International
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The media outlet noted that the scale of the new swap arrangement would be significantly bigger than the previously agreed $3 billion agreement, as the two countries hoped to strengthen financial security network and support the expansion of business ties between Japan and China.

The Japanese side is summarizing the final draft agreement ahead of the meeting between Prime Minister Shinzo Abe and Chinese President Xi Jinping slated for October and hopes that it would become a symbol of improving relations.

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