Asia finance leaders say they are ready to act to stem volatility risks

Finance leaders of China, Japan, ​South Korea and the ​ASEAN group of 10 Southeast Asian ​states said on Sunday they would pay attention to risks stemming from excessive volatility in financial markets ‌and stand ⁠ready ⁠to act if needed.

"We strongly reaffirm our commitment to ​sustained policy dialogue to safeguard macroeconomic and financial stability," the ​finance ministers and central bank leaders from the group, known as ASEAN+3, said in ​a statement released after a ⁠meeting in Samarkand, ‌Uzbekistan.

Also Read: ADB launches critical minerals financing facility for Asia-Pacific manufacturing


"To this end, we ​will remain ​attentive to risks stemming from excessive ⁠volatility and disorderly movements in financial markets ​and shifts in global liquidity conditions, ​and stand ready to respond in line with the domestic conditions," the statement said.

"We are determined to maintain open and well-functioning trade and investment flows as well as ‌resilient supply chains, and reaffirm our support for a rules-based, non-discriminatory, free, fair, open, inclusive, equitable, and ⁠transparent multilateral trading system, with the World Trade Organization at its core," the statement said.

Also Read: Asia Rice: Muted demand, weak rupee push India prices lower

The meeting was ​held on the sidelines of the Asian Development Bank's annual meeting held in Samarkand.

The ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.