Territorial rift compels Chinese banks to abandon meetings in Japan
The ongoing Senkaku/Diaoyu islands dispute between China and Japan has resulted in major Chinese banks boycotting meetings held in Japan, including SIBOS. October 04, 2012 | Baron LaudermilkJapan’s recent purchase of the disputed Senkaku/Diaoyu islands, which are also being claimed by China, has sparked a surge of nationalism and anger amongst the Chinese public. The territorial dispute over the islands has pressed Beijing to implement economic sanctions against Japan, with the Chinese government threatening to take military action to reclaim the Senkau/ Diaoyu islands. This standoff between the two Asian superpowers is not only negatively affecting regional economies and political atmospheres, but it is also leaving an undesired impact on some of the world’s most prestigious and well-known banking conferences. Several major Chinese banks have pulled out of the annual International Monetary Fund (IMF)-World Bank conference – to be held in Tokyo next week – due to the escalating political tension between the two countries. Bank of Communications, China Construction Bank, Industrial and Commercial Bank of China (ICBC) have all opted to cancel their invitations to the event, with most citing “scheduling problems”, whilst Bank of China (BoC), Minsheng Bank, Industrial Bank, and Baoshang Bank are still considering their participation at the conference. Apart from this, a myriad of Chinese banks have also withdrawn from SIBOS, organised by SWIFT and to be held in Osaka (October 29 – November 1, 2012). The likes of BoC, ICBC and Agricultural Bank of China have officially withdrawn their exhibitions and speaker participations. With SIBOS representing one of the largest global events targeting financial services providers and financial firms covering trade and cash management, clearing and settlements, securities and fund services, as well as information technology (7,600 participants in Toronto in 2011 and 9,000 participants in Amsterdam in 2010), the absence of Chinese banks will be particularly felt, as the event is held in East Asia. Chinese banks contacted by The Asian Banker admitted that they would not be atte... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Capital & Strategic Issues, China, Japan, Risk and RegulationCapital & Strategic Issues,China,Japan,Risk and Regulation, Capital & Strategic Issues,China,Japan,Risk and Regulation, Keywords:ICBC, ABC, China Construction Bank, Bank Of Communications, BoC, IMF, World Bank, Banshang Bank, Minsheng Bank, Industrial Bank, SIBOS, SWIFT ICBC, ABC, China Construction Bank, Bank of Communications, BoC, IMF, World Bank, Banshang Bank, Minsheng Bank, Industrial Bank, SIBOS, SWIFT
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