Chinese Banks Boycott Finance Meetings in Japan

Created: 2012-10-03 12:11 EST

Category: Business
Tension between China and Japan over territorial waters in the East China Sea is now being reflected in the international finance arena.
The Wall Street Journal reported that several Chinese banks have pulled out of the annual World Bank and International Monetary Fund meeting to be held in Tokyo next week. Some banks are also boycotting Sibos, another big finance industry meeting to be held in Osaka at the end of the month. 
The banks have not given any reasons for their last minute withdrawals, but relations between China and Japan have soured in recent months as their spats over the Diaoyu, or Senkaku Islands escalated. 
Some analysts say China’s withdrawals from such important global economic-finance forums over regional squabbling may be signs that China is not yet ready for the bigger role it has long sought in the World Bank and IMF.