The governer of the People's Bank of China will not attend the IMF's meeting held in Tokyo this week.

The Chinese delegation will be led by Yi Gang, Vice Governor of the People's Bank of China, and Vice Finance Minister Zhu Guangyao, who held talks with Jim Yong Kim, the president of the World Bank on Thursday.

It is the first time in nearly half a century that Japan is hosting the IMF and World Bank meeting. China's four major banks also have confirmed they will not attend the meeting, apparently due to rising political differences between China and Japan over the Diaoyu Islands.