LEAD: APEC finance chiefs end 1st day of talks on forex regimes
May 25th, 2007 | by Administrator |PHUKET, Thailand, Sept. 4 Kyodo
”It is an internal Chinese affair and internal strategy as well,” he said. ”They will consider when they should float, when they should peg. I think it is up to them. I think they understand very well when they should do it.”
Finance ministers from the 21-member Asia-Pacific Economic Cooperation (APEC) forum ended the first day of their two-day annual talks Thursday on the Thai resort island Phuket to enhance closer financial and monetary cooperation.
”The Asian Bond will be the new financial architecture for this ‘world of differences.’ The Asian Bond, one would hope, will be a new instrument to eliminate severity of the ‘cycle of change’ in the economic life of a country,” he said.
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Thaksin said he predicted no changes in the Chinese exchange rate regime in the near future, but said Thailand should benefit from the change if one occurs in the future.
He said the first option was the call for ”more flexible management of the exchange rate regimes that are consistent with sustainable growth and economies’ specific circumstances,” while the other called for ”appropriate exchange rate regimes that facilitate orderly and balanced external adjustment.”
The United States and Japan have made their common positions clear to the public that they want to urge China to rethink what kind of foreign exchange system would truly benefit the country.
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