The Azerbaijan State News Agency

WORLD

China and Japan plan direct currency exchange agreement

Baku, December 26 (AZERTAC). China and Japan have unveiled plans to promote direct exchange of their currencies in a bid to cut costs for companies and boost bilateral trade. The deal will allow firms to convert the Chinese and Japanese currencies directly into each other. Currently businesses in both countries need to buy US dollars before converting them into the desired currency, adding extra costs. It is the latest step by China as it seeks a more global role for the yuan. "Given the huge size of the trade volume between Asia`s two biggest economies, this agreement is much more significant than any other pacts China has signed with other nations," Ren Xianfang of IHS Global Insight was quoted as saying by the Bloomberg news agency.

The plans were announced during a visit to China by Japan`s Prime Minister Yoshihiko Noda and after a meeting with Chinese Premier Wen Jiabao. The two leaders also agreed to allow the Japan Bank for International Cooperation to issue yuan-denominated bonds in China, the first time a foreign government body has been allowed to do so. At the same time, Japan said it was also looking to buy Chinese government bonds, a move that analysts believe may prove to be mutually beneficial to both nations.

"By adopting Chinese bonds as a part of official foreign exchange reserves, Japan is labelling Chinese bonds as an investable asset," according to Takuji Okubo of Societe Generale Tokyo. As for China, Mr Okubo explained that the move will help China further open up its financial markets. The deal "is a manifest of a higher level of commitment from China to the open-up reform, which would add credibility to the ongoing offshore yuan experiment", he said.

Along with promoting bilateral business ties, China and Japan said they had also made progress on a free trade agreement between China, Japan and South Korea. China has been pushing for the three parties to speed up talks and proceedings on the deal, especially after Japan showed a keen interest to participate in the Trans-Pacific Partnership Agreement

Share news on social media

Follow us on social network

Antalya Diplomacy Forum convenes world leaders ‘in times of turmoil’

Turkish Cup holders Fenerbahçe eliminated after 3-0 loss in Ankara

UN releases 17 mln USD to aid drought-hit northern Ethiopia

Moon landing goes sideways: Odysseus mission will be cut short after craft tipped over

President Ilham Aliyev received delegation led by Managing Director of the German Eastern Business Association

6 killed in Nigeria building collapse

Rise of AI: Which jobs will flourish and which will die?

Chile extends state of emergency to aid fire-ravaged areas

German literary portal publish verses by prominent Azerbaijani poet Mahammad Fuzuli

Apple cancels work on electric car, shifts team to generative AI

Number of rhinos killed for their horns in South Africa jumps to nearly 500: Environment minister

Global oil markets experience price decline

Azerbaijani oil sells for $87.09

Azerbaijan relocates 89 more residents to Lachin city VIDEO

Youth Climate Champion for COP29 Azerbaijan meets with representatives of Kenyan youth organizations

Number of Umrah pilgrims from Azerbaijan hit 15,380 in 2023, says Minister of Hajj and Umrah of the Kingdom of Saudi Arabia

Azerbaijani table tennis players to compete in WTT Youth Contender Algiers 2024

Azerbaijani FM heads to Germany for working visit

A 2,000-year-old rune-inscribed knife sheds light on Denmark’s past

Chairman of Caucasus Muslims Office meets with Saudi Minister of Hajj and Umrah

Germany and Poland say they’re not sending troops to Ukraine as the Kremlin warns of a wider war

HONOR introduces the HONOR MagicBook Pro 16: A next-level AI-powered laptop for unparalleled user experiences

From Willem-Alexander, King of the Netherlands

® Republican Subject Olympiads is held with the support of Kapital Bank

Representatives of New Caledonia`s indigenous Kanak people convene in Paris to demand independence VIDEO

Bulgarians' trips abroad and foreigners' visiting Bulgaria mark increase in January

Azerbaijan’s Foreign Ministry responds to Armenia’s statement on Sumgayit events

UN Environment Assembly opens with calls for stronger multilateral action

AZAL launches ticket sales for flights to Tivat

Heydar Aliyev Center to host exhibition titled “Legacy in loops: A journey to Uzbekistan`s embroidery”

President of International Turkic Academy meets with Ambassadors of Turkmenistan and Kyrgyzstan

Azerbaijan’s Defense Minister meets with Deputy Minister of National Defense of Türkiye

Azerbaijani Ombudsperson presents its 2023 annual report

Six Azerbaijani athletes to compete in FIG Artistic Gymnastics Apparatus World Cup – AGF Trophy in Baku

Court in Russia sentences man to 3.5 years in jail for burning Quran

Ashgabat to host regular meeting of CIS heads of state in May

Passengers' choice: popular destinations from Baku airport

Police official, 2 terrorists killed in clash in NW Pakistan

Klopp’s last dance has one trophy and Liverpool manager is targeting more

Central Bank: $105.1m worth of demand fully covered at FX auction

China to make about 100 space launches in 2024

® Birbank Business: making your business life comfortable and swift

President Ilham Aliyev received Minister of Hajj and Umrah of Saudi Arabia VIDEO

Azerbaijan celebrates Water Tuesday of Novruz Holiday

Avalanche kills 4 skiers in Kyrgyzstan visiting from Czech Republic and Slovakia

The Order of the President of the Republic of Azerbaijan
On appointing F.T. Ahmadov as Minister of Justice of the Republic of Azerbaijan

PABSEC: We do hope that Azerbaijani delegation will regain its voting rights within PACE in nearest future

Exhibitions Caspian Agro and InterFood Azerbaijan to be held in May 2024

Ronaldo criticised for appearing to make obscene gesture in Saudi league game

Barcelona ‘revoke’ Dani Alves’ legend status

French journalist detained in Ethiopia on charges of 'creating chaos'

UN to hold World Social Summit in 2025

Azerbaijan’s Minister of Ecology and Natural Resources, ICC Secretary General discuss COP29 preparations

Oil prices surge in global markets

AZAL introduces new campaign to several destinations in Türkiye

Azerbaijan Naval Forces hold training exercises with Marine special forces VIDEO

Azerbaijani oil sells for $86.01

From Anar Hasanov, Chairman of the Board of German-Azerbaijani Chamber of Commerce, and Tobias Baumann, Executive Board Member

From Bik Lum, Representative of the UN High Commissioner for Refugees (UNHCR) in Azerbaijan

From Filippo Grandi, United Nations High Commissioner for Refugees

From Filipe Jacinto Nyusi, President of the Republic of Mozambique

From Mohamed Muizzu, President of the Republic of Maldives

President Ilham Aliyev laid foundation stone for Khojaly Genocide Memorial and met with representatives of general public VIDEO

Hungarian National Assembly objects resolution adopted by PACE regarding Azerbaijani delegation

Khojaly genocide victims commemorated in France

Release of the Press Service of the President

Bayraktar TB2: Türkiye's flag bearer combat drone

President of Turkish Republic of Northern Cyprus commemorates victims of Khojaly genocide

Khojaly genocide victims commemorated in Berlin

President of Turkic Culture and Heritage Foundation meets with Kazakh Minister of Culture and Information

Azerbaijani shooters succeed in international tournaments

SpaceX launches 24 Starlink satellites from Florida

ANAMA: 112 unexploded ordnances neutralized over past week

Bulgaria: EU-backed project to assess impact of digital transformation and green transition

President: Our presence in Khojaly means a complete restoration of historical justice

Elchin Amirbayov: We are proud of our religious diversity, which does not depend on any political conjuncture

President Ilham Aliyev: We are representatives of great nation

President: Armenia should understand that the only way is to accept all of Azerbaijan’s conditions

President Ilham Aliyev: We could not be at peace with ourselves until Khojaly was liberated

Azerbaijani President: We avenged innocent victims of Khojaly on battlefield

President Ilham Aliyev: First relocation to Aghdam will begin next year VIDEO

Khojaly genocide victims commemorated in Türkiye’s Denizli city

President: Denying the Khojaly genocide is unfair and dishonest VIDEO

Zuckerberg to discuss developing mixed reality headset with LG chief

President of Azerbaijan: Unfortunately, our call for “Justice for Khojaly!” has fallen on deaf ears

Two Azerbaijani athletes to compete in 8th Fazza Para Archery World Ranking Dubai

President Ilham Aliyev: I believed that we would return to Khojaly and a memorial complex would be created here to perpetuate memory of victims

President Ilham Aliyev observed a minute of silence to honor the memory of the victims of the Khojaly genocide VIDEO

Azerbaijan observes moment of silence for Khojaly victims VIDEO

Magnitude 3.3 quake strikes Caspian Sea

ICYF-ERC and Indonesian youth make statement on Khojaly tragedy

Azerbaijani table tennis player grabs bronze at 2024 Europe Youth Series

Azerbaijani karate fighters claim 3 medals in Karate 1 Youth League

Multinational military drill begins in northerwest Pakistan

Vladimir Putin congratulates Recep Tayyip Erdogan on 70th birthday

Longstanding lack of accountability of perpetrators created environment of impunity in Armenia, says Azerbaijani FM VIDEO

Rally commemorating 32nd anniversary of Khojaly genocide held in front of Cologne Cathedral

Supporters of Brazil's Bolsonaro stage huge demonstration to defend him amid investigations

Archaeological Park to be established in Khojaly

Polish farmers block major highway in protest against EU regulations