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International relations

China and Japan to revive currency swap line as relations thaw

Quick action is expected after next week's Abe-Li summit in Tokyo

A currency swap arrangement was first put in place in 2002 but allowed to lapse in 2013 due to political friction between the two nations.   © Reuters

BEIJING -- China and Japan are moving to resume bilateral currency swaps in case of a crisis as they look to strengthen cooperation in the financial sector and improve diplomatic relations.

Chinese Premier Li Keqiang and Japanese Prime Minister Shinzo Abe are expected to agree to quickly work out an arrangement when they meet in Tokyo next Wednesday. The People's Bank of China and the Bank of Japan will begin negotiating the details after the meeting.

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