China and Japan agreed to support euro zone countries.

After the meeting, Chinese vice premier and finance minister and Japanese finance minister have reached an agreement to jointly support the International Monetary Fund and European countries. As the IMF is currently seeking to collect $600 billion to improve situation with debt crisis in Europe, Japan and China expect the IMF ask world’s leading economies for some funding. In this situation, China and Japan are ready to provide some “sizable” amount of money; however, they also expect European countries to be more active in fighting off the crisis. China and Japan also realize the necessity of establishing “flexible” yuan as the currency of their trade with each other instead of currently used dollar. This would significantly facilitate trade between two countries as well as lower currency risks and settlement costs.
http://www.reuters.com/article/2012/02/19/us-japan-china-idUSTRE81I03Q20120219


Oksana Vernygora