China and Japan will promote the use of their currencies for trade and investment, according to an agreement that analysts say is largely a symbolic move as it is short on details.
The two Asian economies said that they wanted to reduce costs and risks for their companies – an implicit call for less reliance on the dollar, which is at present their predominant medium of exchange.
Japan also confirmed a plan to buy Chinese government bonds – the first time it has added renminbi-denominated debt to its foreign exchange reserves.
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