Some other members argued that the joint statement should call for such lighter wording as ‘’appropriate'’ exchange rate regime.

Thai Vice Finance Minister Kitti Limskul told a press conference at the end of the two-day meeting among APEC finance and central bank deputies that APEC members agreed on most issues, except the foreign exchange rate systems, to be reflected in a draft joint ministerial statement of APEC finance ministers who will begin an annual meeting Thursday on the southern resort island of Phuket.

‘’We think well-developed bond markets are effective sources of long-term funds. We would like to facilitate cross-border bond market activities,'’ Kitti said.

U.S. Treasury Secretary John Snow will meet finance ministers from Asia-Pacific economies during the two-day talks in Phuket, but China will be represented only by Vice Finance Minister Lou Jiwei.

Among other issues that APEC members have had no difficulty agreeing upon, the Thai vice finance minister cited the development of regional bond markets.

APEC finance ministers will agree to promote securitization and credit guarantee markets and support issuance of new products including long-term, local currency-denominated debt instruments, derivatives and asset-backed securities, according to Kitti.

posted by Administrator at 3:10 am & filed under Currency markets |