China, Japan And South Korea Intend To Settle The Trade Between The Three Countries In &Nbsp, And Challenge The US Dollar.

2011/5/5 14:36:00 54

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China Japan And Korea Intend To Settle Trade Between Three Countries In Local Currencies And Stabilize Prices.

Photo: the handshake of Finance Minister of China, Japan and Korea (left by Li Yong, Vice Minister of finance of China)

The finance ministers of China, Japan and Korea jointly issued a joint statement today in Vietnam's capital, Hanoi, saying that the three countries have agreed to launch a feasibility study on the use of their own currencies to settle the import and export trade between the two countries.

If the progress is going well, the three countries will use their respective currencies to trade with each other, which is the latest challenge from Asian countries to the US dollar's dominant position in international trade settlement.

The statement said that the three countries were in the Asian region

Inflation

The situation expressed serious concern that the international commodity prices rose and international capital inflows to Asian countries.

Stabilize prices

It has brought tremendous pressure.

Reuters reported that the joint statement of finance ministers from China, Japan and South Korea was published on the sidelines of the annual meeting of the Asian Development Bank. The annual meeting of Ministers of finance of the member countries of the Asian Development Bank was held in Hanoi, Vietnam on Wednesday.

The joint statement said: "China, Japan and South Korea will continue to adhere to a moderately tight policy."

Macroeconomic policy

And pledged to strengthen cooperation. "

Apart from expressing that they will use their own currencies to settle trade between the three countries, the statement also said they would strengthen cooperation on infrastructure financing and major disaster insurance.