APEC to agree on currency stability

APEC to agree on currency stability

TOKYO (AFP): An APEC leaders' declaration, to be adopted at an upcoming meeting in Canada, is likely to include an agreement to work for stable Asian currencies, a report said yesterday.

Leaders of the Asia-Pacific Economic Cooperation (APEC) forum would do so in a bid to clarify their willingness to cooperate for market stability, Jiji Press said.

"They would indicate a plan for joint intervention," the news agency quoted an unnamed government source as saying.

Japan and Southeast Asian nations proposed the move, as they are concerned over the currency crisis sweeping the region, the news agency said, adding the United States was likely to agree.

Regional currency and stock markets have been hit by turmoil since Thailand effectively devalued its currency, the baht, on July 2.

The APEC leaders are to wind up talks in Vancouver on November 25.

APEC comprises Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, the Philippines, Singapore, Taiwan, Thailand and the United States.