Finance ministers of the Association of Southeast Asian Nations
(ASEAN) Thursday expressed their support for China's position to
maintain the stability of the yuan.
"Our position is we respect China's position and we
encourage what it is already doing because China is evolving also,"
Philippine Finance Secretary Jose Isidro Camacho, chairman of the
ASEAN Finance Ministers Meeting, told reporters.
Asked about the differences in views between Southeast Asia and
its Northeast Asian neighbors over the value of the yuan, Camacho
said: "It is the Western countries that are creating the
impression."
The value of the yuan Thursday was among the topics raised at
the two-day meeting which opened in Manila on Wednesday, although
it was not on the official agenda, sources said.
The yuan issue is also expected to be raised at a separate
meeting Thursday between the ASEAN ministers and their counterparts
from Japan, China and South Korea under the "ASEAN plus three"
dialogue format.
Japanese Finance Minister Masajuro Shiokawa said on the
sidelines of the meeting that he would raise the issue. South Korea
has also expressed concern over this problem.
Earlier, The United States and Europe have also expressed
concern over the value of the yuan.
The Chinese currency is now fixed at a rate of about 8.3 to the
US dollar.
(Xinhua News Agency August 8, 2003)