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People's Daily Online>>Foreign Affairs

China encourages direct use of yuan, yen in trade with Japan


08:30, December 26, 2011

Chinese Premier Wen Jiabao (R) shakes hands with visiting Japanese Prime Minister Yoshihiko Noda in Beijing, capital of China, Dec. 25, 2011. (Xinhua/Zhang Duo)

BEIJING, Dec. 25 (Xinhua) -- Chinese Premier Wen Jiabao Sunday told visiting Japanese Prime Minster Yoshihiko Noda that China is willing to work with Japan in promoting the direct use of their respective currencies in bilateral trade.

China's central bank announced shortly after the Wen-Noda talks to encourage the direct use of Chinese currency RMB, or the yuan, and Japanese yen in cross-border transactions between China and Japan.

The People's Bank of China (PBOC) said on its website that the Chinese and Japanese leaders agreed to strengthen cooperation in the financial markets of the two countries and encourage more bilateral financial transactions.

"As implications from the current global financial crisis continue to spread and the complexity and severity of the world and regional situations are worse than expected, it is necessary and possible that China and Japan join efforts to address the challenges and deepen strategic reciprocal ties," Premier Wen said to Prime Minster Noda at the Great Hall of the People in Beijing.

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