the "Asian Bellagio Group"
BANGKOK (Dow Jones)--Asian central bank and finance officials met quietly here this week to discuss ways to stabilize foreign exchange markets as currencies around the region surged against the U.S. dollar, some to multi-year highs.
Officials of the 10-member Association of Southeast Asian Nations, as well as China, Japan and South Korea, agreed at Tuesday's closed-door meeting to set up the "Asian Bellagio Group", which will help coordinate policies and ideas among central banks, finance ministries and academics, a Thai finance ministry official told Dow Jones Newswires.
The group is unlikely to produce concerted monetary action by Asian authorities any time soon - but the decision to establish it does suggest the region's governments are increasingly concerned by global financial imbalances and the shaky U.S. dollar. LINK
