S. Korean, Chinese ministers review options to overcome economic crisis

PHUKET, Thailand, Feb. 22 (Yonhap) -- Finance ministers from South Korea and
China held talks here Sunday to discuss ways to overcome the current worldwide
economic crisis.

On the sidelines of the ASEAN plus three special meeting of finance ministers,
the two officials touched on ways to stabilize Asia's foreign exchange markets
and expand cooperation on financial issues.
Such measures could include expanding the US$80 billion common Asian reserve fund
created in the wake of the 1997-98 financial meltdown.
Seoul and Beijing agreed to increase their currency swap arrangement from $4
billion to $30 billion late last year to stabilize volatile foreign exchange
rates, which hurt trade and financial transactions.
In the meeting, South Korean Minister of Strategy and Finance Yoon Jeung-hyun
told his Chinese counterpart Xie Xuren that their countries played a significant
role in the global economy and said it would be mutually beneficial to expand
already solid bilateral ties.
Xie also expressed hope to enhance cooperative relations.
Japanese Finance Minister Shoichi Nakagawa had also planned to attend the Phuket
meeting but he resigned suddenly last week over claims he appeared intoxicated
during a G7 news conference in Rome.
yonngong@yna.co.kr
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