Updated  
May, 05 2014 08:49:00

ASEAN+3 seek ‘stronger bonds'

The financial chiefs are likely to confirm the need to help businesses procure funds and increase transactions in local currencies. — Photo mof

HA NOI — The Finance Ministers of 10 ASEAN member countries and Japan, China and the Republic of Korea (ASEAN+3) met on Saturday in Kazakhstan, aiming to boost co-operation in Asian bond markets to help prevent a recurrence of the Asian currency crisis.

The event took place on the sidelines of the annual meeting of the Asian Development Bank (ADB).

The financial ministers and central bank governors are also expected to address concerns about an economic slowdown in emerging economies in the wake of the US Federal Reserve's tapering of its large-scale asset purchases.

The financial chiefs are likely to confirm the need to help businesses procure funds and increase transactions in local currencies. They will do this by expanding a credit guarantee capacity for corporate bonds through a fund known as the Credit Guarantee and Investment Facility.

They are expected to endorse a decision made last November to more than double the credit guarantee limit to us$1.75 billion.

As massive outflows of US dollar-based capital triggered the 1997 to 1998 Asian currency crisis, the development of resilient local currency bond markets has been a long-term challenge in the region.

The Association of Southeast Asian Nations consists of Brunei, Cambodia, Indonesia, Laos , Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam.—VNS

Send Us Your Comments:
Name:
Your E-mail address:
Title:
 

VietNamNews may edit your comments and not all emails will be published.

Highlight

Viet Nam issues directive to prevent Ebola outbreak 1    Viet Nam issues directive to prevent Ebola outbreak

People from countries affected by the Ebola outbreak in the last 21 days, will have to sign a medical declaration before entering Viet Nam from August 15.

Overseas PhDs fail to guarantee jobs 2    Overseas PhDs fail to guarantee jobs

People who earn their PhD (Doctor of Philosophy) abroad on State budget money, often return home to find their employment chances are relatively dim.

Elephants at risk in Dak Lak 1    Elephants at risk in Dak Lak

Elephant numbers are falling rapidly in Dak Lak Province and local authorities are struggling to protect the giant animals from the threat of extinction.

Mui Ne rated 2nd most beautiful beach in Southeast Asia 2    Mui Ne rated 2nd most beautiful beach in Southeast Asia

Mui Ne beach in the central province of Binh Thuan has been rated by travel guide Canadian Travellers as one of the 11 most beautiful beaches in Southeast Asia.

New fleet of tuna vessels to set sail in September New fleet of tuna vessels to set sail in September

The Ship Institute at the University of Nha Trang and the Yanmar Company of Japan last Saturday launched a composite-hulled tuna fishing ship in Nha Trang City.