After China’s foreign exchange reserves hit $2.27 trillion at the end of September the importance of the Asian country in boosting the ailing US dollar is highlighted by Toyoo Gyohten. Together with Japan who holds about $1 trillion in forex reserves the two nations are the biggest holders of US Treasuries.
Japan, China and the U.S. need to cooperate to stabilize the weakening dollar, said Toyoo Gyohten, an adviser to Japanese Finance Minister Hirohisa Fujii.
“Japan and China carry a heavy responsibility in the stability of currency markets,” Gyohten said today in Tokyo at an event hosted by the Foreign Press Center Japan. “Japan and China need to work together along with the U.S. to stabilize the value of the U.S. dollar.”
