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China calls for stronger financial ties with ASEAN
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China and its Asian neighbors should strengthen financial ties to head off risks stemming from any US tapering of its stimulus program, Yi Gang, China’s deputy central bank governor, said yesterday.
Yi’s comments came as market speculation builds that the Federal Reserve may start tapering its stimulus program as early as this month.
“Expectations that developed economies may start to exit quantitative easing policies have stirred financial markets in emerging countries, which requires our joint efforts to handle,” Yi said in a statement published on the central bank’s website.
He urged China and ASEAN nations at a financial forum in south China to broaden the use of regional currencies in bilateral trade and investment settlements and close more currency swap deals to facilitate capital flows.
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