Latest News:  
Beijing   Sunny    13 / -2   City Forecast

People's Daily Online>>China Business

Japan to buy $10.3b in Chinese govt bonds

By Wei Tian (China Daily)

08:21, March 14, 2012

Purchase will help Tokyo diversify foreign reserves from greenback

Japan announced on Tuesday that it has won Chinese authorities' approval to buy 65 billion yuan ($10.3 billion) in Chinese government bonds.

The move will help Japan diversify its reserves away from the dollar and strengthen ties between the two largest creditor countries in the world.

The timing of the purchases has not been set yet. A few months of preparation will be needed for the completion of technical procedures before the Chinese bonds can be bought, Jun Azumi, Japanese finance minister, told a news conference in Tokyo, according to Xinhua News Agency.

"We will consider trends in the financial markets to decide on a right time for the purchases," Azumi said.

He also suggested the initial purchases would be in small amounts and take into account conditions in Japan's foreign-currency assets.

"We think this ($10.3 billion) is an appropriate amount when you consider our common goal of strengthening economic cooperation between Japan and China," Azumi told reporters.

In December, the two countries agreed at a summit to promote trade in the yen and the yuan, as well as to invest in each other's bond markets.

Japan's announcement on Tuesday marks the first time it has given public information about the quota for purchasing Chinese government bonds.

The announcement also came after Chinese central bank officials said on Monday that China and Japan have "great potential" to work together in the fixed income market.

Yi Gang, vice-governor of the People's Bank of China and head of the State Administration of Foreign Exchange, said Japanese investors are welcome to invest in the Chinese bond market and that China would continue to buy Japanese government debt.


【1】 【2】

Email|Print|Comments(Editor:张茜)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Students in Gansu enjoy 12 years free education

  2. Active-service aircraft carriers worldwide

  3. CPPCC annual session concludes

  4. Disappearing ancient utensils

Most Popular

Opinions

  1. Truth about Tibet is slowly coming to light
  2. Expert: Glitter of foreign diploma to fade away
  3. NPC reform reflects vote of confidence
  4. Facing problems forges confidence for development
  5. Defense budget guards peaceful intentions
  6. Will China's economy keep growing or slow down?
  7. Chinese products bring benefits to U.S. consumers
  8. Is international 'hot money' flowing into China?
  9. China's economy to roar ahead amid global woes
  10. U.S. solution to Syria issue doomed to failure

What's happening in China

Disappearing ancient Chinese utensils

  1. First cultural bonded zone to settle in Beijing
  2. Women's favorite tourism destinations unveiled
  3. Bus falls into ravine in SW China, 15 dead
  4. Tobacco price, tax hikes under study: official
  5. Civil servants urged to donate stem cells

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai