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Chinese banks not to attend Tokyo's IMF-World Bank meeting

10-08-2012 23:59 BJT Special Report:Diaoyu Islands: China’s Inherent Territory |

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China’s major banks have confirmed they will not attend the International Monetary Fund-World Bank meeting that opens Tuesday in Tokyo.

The banks include the country’s four state-owned banks -- the Industrial and Commercial Bank of China or ICBC, Bank of China, China Construction Bank, and the Agricultural Bank of China.

The ICBC is the world’s largest lender by market value. The banks’ decision was made after bilateral relations between China and Japan became strained, after the Japanese government announced its decision to "purchase" the Diaoyu Islands last month.

Some analysts say the banks’ decision is further evidence that the unilateral action by Japan is freezing bilateral relations and now starting to weigh on the world’s economy.

Editor:Zhang Jianfeng |Source:

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