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.