Finance ministers of the Association of Southeast Asian Nations (ASEAN)
yesterday expressed their support for China's position of maintaining the
stability of the yuan.
China's Finance
minister Jin Renqing listens during the start of the afternoon session of
the 7th Association of Southeast Asian Nations (ASEAN) meeting in Manila
August 7, 2003. [Reuters]
"Our position is we respect China's position and we encourage what it is
already doing because China is evolving also,'' Philippine Finance Secretary
Jose Isidro Camacho, chairman of the ASEAN Finance Ministers Meeting, told
reporters.
Asked about the differences in views between Southeast Asia and its Northeast
Asian neighbours over the value of the yuan, Camacho said: "It is the Western
countries that are creating the impression.''
The value of the yuan yesterday was among the topics raised at the two-day
meeting which opened in Manila on Wednesday, although it was not on the official
agenda, sources said.
The yuan issue was also expected to be raised at a separate meeting later
yesterday between the ASEAN ministers and their counterparts from Japan, China
and South Korea under the "ASEAN plus three'' dialogue format.
Japanese Finance Minister Masajuro Shiokawa said on the sidelines of the
meeting here that he would raise the issue. South Korea has also expressed
concern over this problem.
Earlier, the United States and Europe also expressed concern over the value
of the yuan.
The Chinese currency is now fixed at a rate of about 8.3 to the US
dollar.
