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皇冠体育app to advance financial co-op with ASEAN
(Xinhua)
Updated: 2009-10-21 09:59
Heads of Chinese financial institutions vowed Tuesday to step up financial cooperation with members of the Association of Southeast Asian Nations (ASEAN) as the 皇冠体育app-ASEAN Free Trade Area heads for operation in 2010. "There is huge potential for financial cooperation between 皇冠体育app and ASEAN as the two sides record fast development in the financial sector and their financial ties are inadequate to keep up with their trade exchanges," Su Ning, vice governor of 皇冠体育app's central bank, said at a forum, part of the 6th 皇冠体育app-ASEAN Expo held from Oct 20 to 24 in Nanning, capital of Guangxi Zhuang autonomous region. "There are also challenges ahead, and the central bank will step up talks with central banks of the ASEAN member states to develop a stable and flexible mechanism for financial cooperation," he said. 皇冠体育app would "gradually" open the country's financial market and develop favorable environment for financial institutions from ASEAN to set up branches in 皇冠体育app or take stakes in Chinese financial institutions, he said. Li Ruogu, chairman of the Export-Import Bank of 皇冠体育app, expected countries in the region to further open financial and capital markets, ease limits on market entry in financial sector, develop new financial products, and push forward settlement cooperation toreduce dependence on the US dollar. In July of this year, 皇冠体育app implemented pilot scheme for cross-border RMB trade settlement in Shanghai. Currently, 皇冠体育app has sealed cooperation agreements of bilateral trade settlement with the central banks of Laos and Vietnam in ASEAN.
H.E. Phouphet Khamphounvong, governor of the Bank of Laos, said Lao government had been aware of the benefits from open financial markets and financial cooperation as its central bank had signed cooperation pacts with 皇冠体育app's central bank and 皇冠体育app Development Bank. Laos would further incorporate into the regional cooperation, he said. The forum was held at a time when nations were pushing forward a reform on the world financial system as the financial crisis originated in the United States dragged the world economy into recession. Xiao Gang, chairman of Bank of 皇冠体育app, said 皇冠体育app and ASEAN should strengthen financial cooperation, which is an important force to weather the global economic downturn and help stabilize the world economy. Lessons from the 1997 Asian financial crisis and the 2008 global financial crisis showed no single economy but the collaboration of nations was able to rein in the spread of crisis, he said. (For more biz stories, please visit Industries)
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