As per reported by several Japanese publications, earlier in the day, (August, 24th), a Japanese Official stated that Finance ministers and officials from Japan and China are all set to meet in Beijing on Aug. 31, showing signs of improving their relations amidst the ongoing Sino-U.S. trade tensions.
As per reports, Liu Kun, China’s Finance Minister and Japan’s Finance Minister Taro Aso would discuss financial cooperation in the upcoming meeting, which also includes discussing a new dormant currency swap arrangement.
Both Asian countries China and Japan have already begun discussing a resumption of the arrangement, with a swap worth about 3 trillion yen (21.19 billion pounds) being part of that discussion, that is undoubtedly way bigger than the previous $3 billion line.
A report published by Kyodo news agency revealed that Taro Aso, who also serves as deputy prime minister, might have a separate meeting with Chinese Vice Premier Liu He, who is assigned with the task of conducting trade talks with Washington.
This move hints at the possibility of the two sides discussing the ongoing trade tensions with the United States.
It would also involve discussing how trade protectionism threatens global economic growth, a concern which has been raised by all G20 economic powers.
Several analysts have also said that this upcoming meeting is a result of the two-day talks between U.S. and Chinese officials that ended on Thursday(August 23) which had no major outcome.
As a result, the trade war between China and U.S.A escalated even further with activation of another round of duelling tariffs on $16 billion worth of both country’s goods.