IMF chief ends tour of Asia with China stop-over
REUTER
Beijing, Jan 17: International Monetary Fund managing director Michel Camdessus ended a swing through Asia on Saturday with a brief stop in China, which holds many of the keys to the troubled region's economic fate.Camdessus met the governor of the People's Bank of China, Dai Xianglong, before flying off for Washington, International Monetary Fund officials in Beijing said. There was no word on the outcome of the two and a half hour discussion that Camdessus held with Dai. His visit was billed as an informal courtesy call.Camdessus said in Kuala Lumpur on Friday: "We see China as a stable part of the region". Dai on Friday again pledged to aid Asian economic stability by not devaluing the Chinese yuan, a move that could spark a new and possibly catastrophic round of regional currency devaluations. US deputy treasury secretary Lawrence Summers, who met Dai on Thursday, said he was given an `unequivocal committment' that China would not let its currency slide. Chinese state-owned media have
criticised harsh terms imposed by theInternational Monetary Fund on countries in the region in return for aid. China contributed $1 billion to an IMF bailout for Thailand. The International Monetary Fund has put together huge bailouts totaling some $100billion for South Korea, Thailand and Indonesia since the July 2 crash of the Thai baht currency roiled Asian markets. Camdessus said in Kuala Lumpur he believed Thailand and Indonesia would recover from economic crisis within two years. He said Indonesian president Suharto deserved international support for adopting new economic reforms. The IMF Chief said confidence in South Korea's economy had gradually improved.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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