ID :
149755
Sat, 11/13/2010 - 17:58
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http://m.oananews.org//node/149755
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Thai PM proposes yuan use in trade among Asian countries; ASEAN currency office to be set up
BANGKOK, Nov 13 -- Concerns over the ongoing volatility of and among the Thai baht and other Asian currencies have prompted Prime Minister Abhisit Vejjajiva to propose to the Asian Development Bank (ADB) to use the Chinese yuan as the principal trading currency in the region instead of the US dollar.
Mr Abhisit told journalists before his departure here Friday to attend the opening ceremony of the 16th Asian Games which opened in the Chinese city of Guangzhou later in the day and to attend the Asia-Pacific Economic Cooperation (APEC) leaders’ meeting in Yokohama, Japan, during the weekend, that he had raised the idea of using the Chinese yuan for trade among Asian nations.
The measure is aimed at reducing currency volatility, Mr Abhisit said. Problems remain as China must necessarily relax its tight control on yuan and on its capital account.
Mr Abhisit said he was optimistic that his idea of using yuan as a major trading currency in the region could materialise as the issue was discussed during summit of the Association of Southeast Asian Nations (ASEAN) in Hanoi in late October.
The just ended Group of 20 major economies meeting in South Korea failed to make headway as leaders set vague “indicative guidelines” for measuring imbalances and let details to be discussed in the first half of 2011.
Realising this, Mr Abhisit said he expected the APEC summit would discuss the issue of currency volatility, particularly regarding cooperation among countries in this region aimed at reducing effects from that volatility.
Mr Abhisit said another of his idea on setting up an ASEAN office to handle currency issues, arrived from the Chiang Mai Initiative, could probably “start operations soon.”
The office would be an important mechanism in working with the ADB in future, he added. (MCOT online news)
Mr Abhisit told journalists before his departure here Friday to attend the opening ceremony of the 16th Asian Games which opened in the Chinese city of Guangzhou later in the day and to attend the Asia-Pacific Economic Cooperation (APEC) leaders’ meeting in Yokohama, Japan, during the weekend, that he had raised the idea of using the Chinese yuan for trade among Asian nations.
The measure is aimed at reducing currency volatility, Mr Abhisit said. Problems remain as China must necessarily relax its tight control on yuan and on its capital account.
Mr Abhisit said he was optimistic that his idea of using yuan as a major trading currency in the region could materialise as the issue was discussed during summit of the Association of Southeast Asian Nations (ASEAN) in Hanoi in late October.
The just ended Group of 20 major economies meeting in South Korea failed to make headway as leaders set vague “indicative guidelines” for measuring imbalances and let details to be discussed in the first half of 2011.
Realising this, Mr Abhisit said he expected the APEC summit would discuss the issue of currency volatility, particularly regarding cooperation among countries in this region aimed at reducing effects from that volatility.
Mr Abhisit said another of his idea on setting up an ASEAN office to handle currency issues, arrived from the Chiang Mai Initiative, could probably “start operations soon.”
The office would be an important mechanism in working with the ADB in future, he added. (MCOT online news)
