Chinese banks 'withdraw from summits in Tokyo'

3 October 2012

Numerous major Chinese banks will not take part in the annual meetings of the World Bank and International Monetary Fund (IMF) next week because they are being held in Tokyo.

Sources in China's financial sector have today (3 October) told the Wall Street Journal that the ongoing territorial and diplomatic issues between the country and Japan are the reasons behind this decision.

Relations between the two primary Asian superpowers have deteriorated in recent weeks after both laid claim to several islets in the East China Sea and it appears this dispute is now having an impact on the nations' trade agreements.

For instance, the Bank of Communications and the Agricultural Bank of China have reportedly already decided to pull out of the IMF and World Bank summits, with the Bank of China still mulling over whether or not to attend.

In recent years, China has regularly insisted it should have a greater say over emerging market policies at the IMF and World Bank.

By Tony Aynsley

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