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Official: East Asian countries should strengthen cooperation to prevent financial crisis
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09:39, July 08, 2007

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Wu Xiaoling, vice governor of the People's Bank of China, the country's central bank, said that East Asian countries should strengthen financial cooperation to prevent financial crisis.

She made the remarks here Saturday at an annual meeting of the China International Finance Society.

Compared with the close trade relations, institutionalized financial cooperation among East Asian countries were way behind, which was a key factor contributing to the Asian financial crisis in 1997, said Wu.

East Asian countries should continue to develop their bond markets and enhance abilities of financial monitoring and supervising, Wu advised.

Meanwhile, these countries should also strengthen the existing financial cooperation mechanisms and enhance coordination and integration, Wu said.

On July 2, 1997, the Thai government, after months of struggling against international speculative capital, was forced to announce the abandonment of its U.S.-dollar-pegged foreign exchange system. The ensuing daily slump of the Thai baht by some 20 percent sparked the Asian financial crisis, which quickly enveloped most of the Asian economies, including Hong Kong of China, and incurred huge losses.

To commemorate the 10th anniversary of the Asian Financial Crisis, ASEAN members, together with China, Japan and the Republic of Korea, have agreed to build a unified foreign exchange reserve, using money from their combined forex reserves of 2.7 trillion U.S. dollars, to limit the threat of a similar crisis.

Source: Xinhua

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