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Asian countries hold meeting on stabilizing foreign currency market.
(From Thai Press Reports)
Section: Business News - Senior officials from Asean plus China, Japan and South Korea met in Bangkok this week to discuss ways to stabilise Asia's volatile currency markets and deal with the global economic imbalances caused by the massive twin US deficits, The Nation reports.
The Tuesday meeting of senior officials from central banks, finance ministries and universities was held amid concerns among the Asian central banks over their overexposure to the dollar through holdings of more than US$2 trillion (Bt77 billion) in their foreign reserves.
Participants at the closed meeting agreed to set up a working committee called the Asian Bellagio Group to help coordinate actions among central banks, finance ministries and academics to 'correct global imbalances', an official said.
Pongpanu Svetarundra, deputy director-general of the Finance Ministry's Fiscal Policy Office, said the meeting discussed 'possible adjustments' to global fiscal and capital accounts.
He did not specify what action the group might take to ensure foreign exchange and economic stability.
Speculation over the Asian central banks' action against the falling dollar has already spilled over to the currency market. On Tuesday, the dollar hit a one-month low against the euro on reports that South Korea, which has the world's fourth-largest forex reserves - mostly in dollars - planned to cut its holdings of the US currency.
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