Reuters: US Dollar Report: UPDATE 1-China, Japan, S.Korea finance chiefs aim to boost domestic demand

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UPDATE 1-China, Japan, S.Korea finance chiefs aim to boost domestic demand May 3rd 2012, 01:37 Wed May 2, 2012 9:37pm EDT * Fiscal soundness, more domestic demand needed -draft of statement * Finance chiefs review ways to improve emergency fund programme MANILA May 3 (Reuters) - Finance ministry and central bank chiefs from China, Japan and South Korea named fiscal health and stronger domestic demand as policy goals amid potential downside risks to the economy at their meeting in Manila on Thursday. The officials stressed "promoting fiscal soundness and expanding domestic demand" as the policy goals needed for sustainable growth in the three regional economic powers, according to a draft statement seen by Reuters. China sent deputy chiefs of the finance ministry and central bank to the annual meeting held on the sidelines of the Asian Development Bank's annual meeting in Manila. They will hold an expanded meeting with finance and central bank chiefs from the 10 Association of Southeast Asian Nations (ASEAN) countries later in the day, at which officials are likely endorse ways to boost their emergency fund scheme. Deputies have already agreed on strengthening the Chiang Mai Initiative Multilateralisation (CMIM) programme, a pool of currency swaps, one delegate who attended Wednesday's meetings said. They will seek endorsement by their chiefs on doubling the size of the scheme to $240 billion, reducing the amount to be tied to International Monetary Fund programmes to 70 percent from 80 percent at present and extending the maturities of currency swaps under the CMIM to up to 12 months, the delegate said. Link this Share this Digg this Email Reprints

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