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

Woman steps up in fight to tackle drugs 2    Woman steps up in fight to tackle drugs

Since for Le Thi Nga "to live is to give," she thought nothing about joining the neighbourhood watch in her fourth quarter in District 1's Cau Kho Ward in 2009.

Tan Son Nhat Airport on verge of overloading 1    Tan Son Nhat Airport on verge of overloading

HCM City's Tan Son Nhat Airport will be stretched beyond capacity in the next two years, making construction of the new Long Thanh airport in Dong Nai Province more urgent than ever, experts warn.

BIDV teams up with Japanese banks to facilitate investment BIDV teams up with Japanese banks to facilitate investment

The Bank for Investment and Development of Viet Nam (BIDV) has signed a memorandum of understanding (MoU) with two Japanese banks, namely Minato Bank and the Bank of Yokohama (BOY).

My Lai survivor writes book 1    My Lai survivor writes book

Pham Thanh Cong, 57, was one of only a dozen survivors of 1968's infamous My Lai massacre. More than four decades later, he has written a book about the mass murder, in which American soldiers killed 504 unarmed civilians.

Imported brews, grub at Ha Noi's Oktoberfest 1    Imported brews, grub at Ha Noi's Oktoberfest

A celebration of Germany's Oktoberfest will be held in Ha Noi on Thursday and Friday.