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

China continues East Sea aggression China continues East Sea aggression

China continued to maintain its illegal presence and aggression in Vietnamese waters yesterday as more condemnation of its actions came from US and Philippine officials.

Single father's formula for mother's milk 6    Single father's formula for mother's milk

The baby began to cry just as the taxi started moving.Trinh Tuan was at a loss. He had no previous experience of taking care of any baby, and here he was, alone with his 14-day-old baby daughter for the first time, going home from the Tu Du Hospital in HCM City.

BIDV funds $53 million road in Laos 1    BIDV funds $53 million road in Laos

The Bank for Investment and Development of Viet Nam (BIDV) will lend US$53.16 million to Laos to help the country build a road in its northern province of Houaphanh.

Delta faces major water crisis Delta faces major water crisis

More efforts must be made to efficiently manage and use scarce water resources of the Mekong River as climate change and rapid development to produce electricity have threatened its sustainability.

Three guys, one camera, an Irish goal Three guys, one camera, an Irish goal

It has been difficult getting back to normal life for Iain McNamara and his peers after their one-year trip through 22 countries.