China to attend Tokyo's IMF-World Bank meeting

A delegation of Chinese monetary and financial officials will attend the International Monetary Fund and the World Bank annual meeting in Tokyo from Oct. 12 to 14, China's central bank told Xinhua Tuesday.

The delegation will be led by Yi Gang, vice governor of the People's Bank of China, and Zhu Guangyao, vice minister of finance.

The meeting runs from Oct. 9 to 14, with around 10,000 participants including finance ministers, central bank governors and other principals from around the world. The annual meeting plenary falls on Oct. 12.

The news comes after China's four major banks -- the Industrial and Commercial Bank of China (ICBC), Bank of China, China Construction Bank, Agriculture Bank of China, announced Monday they would not be attending the meeting. The ICBC is the world's largest lender by market value.

Analysts said the four banks' decision was because bilateral relations between China and Japan have become strained, after the Japanese government announced its decision on Sept. 10 to "purchase" the Diaoyu Islands, which are China's territory.

Damage to ties between the two Asian giants has been extensive. Trade, which reached a record of 342.9 billion U.S. dollars last year, has been affected. Academic conferences and cultural exchanges have been canceled. Airlines also canceled flights due to low seat occupancy rates.