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(From Philippine Daily Inquirer)
Byline: Doris C. Dumlao
ASIAN central banks are set to announce today the creation of an Asian bond fund worth at least $1 billion that seeks to reduce, if not completely eliminate, the region's vulnerability to a currency turmoil similar to what erupted in 1997.
Sources privy to the scheme said the Bangko Sentral ng Pilipinas had committed $100 million as contribution to the new fund, which aims to perk up the regional market for bonds by investing in these long-term securities.
The fund will be managed by the Geneva-based Bank for International Settlements (BIS), considered as the central bank of all …