Asian Development Bank talks fruitful: central bank governor

Manila, May 5 (CNA)
Talks that ended Saturday at the Asian Development Bank (ADB) were fruitful, Taiwan-based Central Bank of China Governor Perng Fai-nan said that day at the close of the bank's annual meeting.

Perng led a delegation of Taiwanese financial officials andmembers of Taiwan's International Cooperation and Development Fund (ICDF) that attended the 45th ADB annual meeting that opened inManila May 2.

During the meeting, Perng spoke in private with ADB President Huruhiko Kuroda.

The governor said he covered issues including closer cooperation between Taiwan and the ADB during his talks with Kuroda, and described them as constructive, with the ICDF also agreeing to strengthen ties with the bank.

Perng also proposed a currency coordination mechanism to helpimprove the region's financial stability and reflect economicfundamentals.

He recommended the formation of a currency coordination mechanism by merging a US$120 billion multilateral money-swap facility, the Ching Mai Initiative Multilateralization, with the Singapore-based ASEAN+3 Macroeconomic Research Office.

The other participants at the meeting gave positive feedbackon the proposed mechanism, said Perng.

He declined to comment, however, when asked if he spoke with Chinese officials at the meeting about establishing a cross-TaiwanStrait currency-settlement system.

In his closing remarks, meanwhile, Kuroda said Asia's transformation will play an increasingly important role in the quickly changing global economy.

He said that although Asia still faces many unresolved challenges, it also has a very strong regional foundation and can continue its economic development, led mostly by green and smart technology.

The annual meeting, which attracted 4,000 bankers, financial officials and experts, will be held next year in the Indian cityof Delhi.

The ADB, founded in 1966, is headquartered in Manila.

(By Emerson Lin and C.J. Lin)
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