Japan and China are discussing the possibility of restarting a currency swap arrangement between the two country’s central banks and increasing the volume of transfers tenfold, as the Asian powers look to build warmer ties, Reuters reports.
The two nations ceased their currency swap arrangement in 2013 during a period of heightened diplomatic tension over the ownership of islands in the East China Sea and Japan’s wartime history.
Japanese officials told Reuters that they are already in discussions with China over resuming the arrangement and increasing the size of the swap to $30 billion, up from $3 billion.
The deal could be announced during an upcoming summit between Japanese Prime Minister Shinzo Abe and Chinese President Xi Jinping, which the two sides are hoping to arrange for October.