China, ASEAN to boost regional financial cooperation

17:57, October 21, 2009      

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China and ASEAN (Association of Southeast Asian Nations) have vowed to safeguard regional financial stability and strengthen cooperation in currency and investment in the region, according to a declaration issued in Nanning Wednesday.

"As the trade and investment cooperation between China and ASEAN have been deepening, regional financial cooperation must be sped up," said the declaration adopted at the closing of the China-ASEAN Finance Cooperation and Development Leadership Forum held in Nanning, capital of south China's Guangxi Zhuang Autonomous Region.

The forum is one of the events held during the 6th China-ASEAN Expo in Nanning from Oct. 20 to 24.

"China and ASEAN should enhance cooperation at all levels, including governments with governments, banks with banks, financial regulators with their counterparts, and financial institutions with non-financial institutions," it said.

The declaration elaborated on specific measures to enhance regional currency cooperation, such as setting up the foreign exchange reserve for ASEAN, China, Japan and South Korea, advancing the multilateral currency swap system in the region, and maintaining relative stability of currency rate.

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