Japan gets US$10.3b quota
By Feng Jianmin |
March 14, 2012, Wednesday
|
Print Edition
Print Edition
JAPAN has been given a quota of 65 billion yuan (US$10.3 billion) to invest in China's government debts, and an economist said it is a sign of confidence in the yuan's internationalization.
Japanese Finance Minister Jun Azumi said yesterday no date has been given for the purchase as Japan still needs to make some administrative preparations, and will also have to consider the impact on the financial markets.
But Japan is likely to start with a small amount and then increase buying, he said.
The quota, the largest amount of its kind, was made under a December pact which aims to facilitate bilateral economic cooperation.
"Purchasing yuan assets is an important step to diversify Japan's foreign exchange reserve assets," said Xing Yuqing, an economist with the Asian Development Bank Institute, adding that Japan was optimistic about the yuan's internationalization.
Japanese Finance Minister Jun Azumi said yesterday no date has been given for the purchase as Japan still needs to make some administrative preparations, and will also have to consider the impact on the financial markets.
But Japan is likely to start with a small amount and then increase buying, he said.
The quota, the largest amount of its kind, was made under a December pact which aims to facilitate bilateral economic cooperation.
"Purchasing yuan assets is an important step to diversify Japan's foreign exchange reserve assets," said Xing Yuqing, an economist with the Asian Development Bank Institute, adding that Japan was optimistic about the yuan's internationalization.
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