Asia finance leaders say they are ready to act to stem volatility risks

SAMARKAND, (Uzbekistan): Finance leaders of China, Japan, South Korea and the ASEAN group of 10 Southeast Asian states said on Sunday they would pay attention to risks stemming from excessive volatility in financial markets and stand ready to act if needed.

“We strongly reaffirm our commitment to sustained policy dialogue to safeguard macroeconomic and financial stability,” the finance ministers and central bank leaders from the group, known as ASEAN+3, said in a statement released after a meeting in Samarkand, Uzbekistan.

“To this end, we will remain attentive to risks stemming from excessive volatility and disorderly movements in financial markets and shifts in global liquidity conditions, and stand ready to respond in line with the domestic conditions,” the statement said.

“We are determined to maintain open and well-functioning trade and investment flows as well as resilient supply chains, and reaffirm our support for a rules-based, non-discriminatory, free, fair, open, inclusive, equitable, and transparent multilateral trading system, with the World Trade Organization at its core,” the statement said.

The meeting was held on the sidelines of the Asian Development Bank’s annual meeting held in Samarkand.

The ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.