China, Japan and other east Asian countries must have “serious” talks on currency co-operation to prevent a recurrence of violent fluctuations that have raised trade tensions in the region, said the president of the Asian Development Bank yesterday.
Haruhiko Kuroda said currency movements threatened the growth of trade between Asian countries, widely regarded as a key way of reducing the region's reliance on exports to the US and Europe.
“I think this is one area where east Asian countries are well advised to start a serious effort to co-operate,” Mr Kuroda said at the East Asia Summit between the 10-member Association of South East Asian Nations (Asean) and China, Japan, South Korea, India, Australia and New Zealand.
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