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East Asian central banks see limited exposure to bad debt


October 31, 200

East Asian central banks see limited exposure to bad debt

East Asian countries’ limited exposure to troubled foreign assets has so far helped them weather the market turmoil, 11 of the region's central banks said in a joint statement, but they vowed to step up monitoring and cooperation, reported Reuters.

In the statement on Thursday, the East Asia-Pacific Central Banks said they had held a number of special teleconferences to discuss developments in the region.

"Their ability to withstand external shocks has been further strengthened by pre-emptive and precautionary measures undertaken by the various authorities to address liquidity and confidence issues in the financial system," the group said in a statement.

The statement was published on the Web site of the People's Bank of China, which is a member of the committee.

The Committee reaffirmed its commitment to maintaining monetary and financial stability in the region, which it said is essential for supporting regional and global economies.

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