DAP: The breaking news in Cambodia: “Cambodia, Thailand move closer to Indonesia-brokered deal on border row+” plus 9 more

DAP: The breaking news in Cambodia: “Cambodia, Thailand move closer to Indonesia-brokered deal on border row+” plus 9 more


Cambodia, Thailand move closer to Indonesia-brokered deal on border row+

Posted: 09 May 2011 08:06 AM PDT

By Puy Kea and Rudy Madanir

JAKARTA, May 9 Kyodo - Cambodia and Thailand moved a step closer to an Indonesia-mediated plan to resolve their border dispute following a meeting of their foreign ministers in Jakarta on Monday, Indonesian Foreign Minister Marty Natalegawa said.

''We will no longer discuss who will take the first step and who will follow up by taking other steps,'' Natalegawa told reporters after hosting a meeting between Thai Foreign Minister Kasit Piromya and his Cambodian counterpart Hor Namhong.

Hor Namhong told Kyodo News that Cambodia and Thailand have agreed to the idea of a ''package solution'' offered by Indonesia on sending Indonesian observers to the disputed border area.

''Both foreign ministers have agreed with the idea, and they will report it to their respective countries to seek approval from their own governments,'' Natalegawa said. 

Hor Namhong said his government is ready to accept the package, which involves a series of steps to be taken by the two countries under specific timelines.

The three-way talks came a day after an Indonesia-brokered meeting in Jakarta between Cambodian Prime Minister Hun Sen and Thai Prime Minister Abhisit Vejjajiva on the sidelines of an Association of Southeast Asian Nations summit.

Natalegawa said there was ''consensus'' between Kasit Piromya and Hor Namhong and he hopes that will lead to the deployment of Indonesian observers. 

''Now we are waiting for the responses from the two respective countries,'' Natalegawa said.

Hor Namhong said the meeting produced good results as both sides made progress on their differences.

One sticking point before the "package solution" was agreed Monday was the newly imposed condition by Thailand demanding that Cambodia withdraw its troops and civilians from the disputed border area. Cambodia has rejected the demand.     

The border dispute between the two members of ASEAN has boiled into gun violence several times since 2008, the latest round just last month.

Indonesia currently serves as chair of the 10-member regional grouping. The membership also includes Brunei, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore and Vietnam.

Marty's comments at Press Conferece:

Posted: 09 May 2011 06:53 AM PDT

the progress, the approach that we use is with package approach, no longer we talk who must take what in advance before taking next steps, but it is aprocess not event by event.
the meeting is interactive dynamic, there is a spirit to solve this issue. Indonesia perform a solution accepted by two parties at minister level. They will report to their respective government to reach an agreement. So there is a concensus reached ministers. The point is how we can bring this process in the future, the process to deploy iot. With this package approach how we can coordinate the efforts. The result is quiet optimal, we wait for the response from each government.
1. in diplomacy, when the ideas are put in papers the negotiation will be difficult, tough, because every term, definition, point, comma, will become a prolonger discussion, therefore, our approach, to confirm that both parties want a peaceful solution. This is principle, and then we map the problems, since the mou, tor, and without presenting in any formal document,
we want to identify the problems and how this can be made in a united program that can be implemented in the future. I conveyed for instance, now when Thailand can proposed its agreement of tor of oit formally and at the same time, after the announcement of the agreement, there is also an announcement of the gbc meeting.
So this is a united, not one party do something first and which is later, but it is a united continuously. This is a process approach not event. This is accepted by two parties because none is winning while the other is loosing.
There are three steps: gbc meeting is conducted and the result the deployment of oit.
3. What is priority? What about the withdrawal?
we have a problem, thai demand troop withdrawal before deployment of oit, on the otherhand, while Cambodia opposes this. We try this package approach, synergy, a process, a big package in which there are small packages, for instance submission of Thailand on the tor agreement is in synergy, in synchronization, not before nor after.
This concern raised by Thailand about the deployment of oit, can be discussed in gbc meeting, in other words, there is something we process.
This is part of the solution, instead part of problem.
with the gbc meeting it is possible the agreement of tor of oit will be accepted at all level, secondly the deployment of oit in border territory This is agreed at minister level and will be reported to their government.
There is a clear timeline d plus so many days, all will be placed in at the same time when thai exchange the diplomatic note and the formal gbc meeting is held within five minutes after the announcement of the note diplomatic exchange.
4. What if failed? How was the situation of the meeting? Along the three hour meeting We have two options, this issue has been going on for decades even before Asean exist, we do nothing, no responsibility, however it will confirm that asean as organization is no longer relevant, or we do something although with a risk, but at least we have experience to give contribution for a solution in the region. The situation at the beginning is formal, stif with every basic position of each parties. And we tried to give Indonesia`s concept, and then moved to another room, took off our coats, folded our hands, plus speekok cake and tea, thank god, the result is as better than I expected.
The problem is the devil is on the details, but that is the risk we have to face and we`ll see the development in one or two days.
there is up and down in this process as you may know, and the time frame, dplus so many days.
The anticipation for worst scenario? I will not underestimate this problem,
we try to solve, we change a difficult cirle to be a helpful one. Each country can do what they can, and this must be reciprocal.
5. Sanction? The best diplomacy is not merely about sanction or pressure but also encouragement as well.

Cambodia, Thailand meet on border dispute, mediated by Indonesia+

Posted: 08 May 2011 12:32 AM PDT

JAKARTA, May 8 - A meeting between the prime ministers of Cambodia and Thailand, mediated by the Indonesian president in Jakarta on Sunday, ended with an agreement to have their foreign ministers try once again to end a border dispute that has boiled into shooting war several times since 2008.

Hor Namhong, Cambodia's foreign minister, said that after the meeting between Cambodian Prime Minister Hun Sen and Thai Prime Minister Abhisit Vejjajiva both sides agreed to accept a proposal by President Susilo Bambang Yudhoyono to have another round of talks in Jakarta among the foreign ministers of the three countries to work out differences.

Hor Namhong said Hun Sen urged Abhisit to sign off as soon as possible on terms that will allow unarmed Indonesian observers to monitor a cease-fire along the disputed border.

Abhisit, however, said a meeting of the two countries' Joint Border Commission must precede any deployment of cease-fire monitors.

Since Friday, Cambodia and Thailand, facilitated by Indonesia, have had two meetings, first among foreign ministers and then between the prime ministers.

Indonesia, current chair of the Association of Southeast Asian Nations, was asked Feb. 22 to send unarmed military observers to the disputed area to monitor a cease-fire, but although both sides agreed to the dispatch at that time, Thailand has yet to sign off on the deal and has demanded Cambodia pull troops and civilians back from disputed areas before it will accept observers.

The Cambodian and Thai leaders are in Jakarta for the two-day ASEAN summit that ends Sunday afternoon.

In many ways, the summit has been overshadowed by the acrimony between the two ASEAN members and Yudhoyono has been urged by his several fellow ASEAN leaders at the annual 10-country summit to try to get the border war resolved ''within the ASEAN family'' as quickly as possible, while others suggested both have to respect the decision made by the United Nations Security Council and the ASEAN Chair on Feb. 22, 2011.

The ASEAN members are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. (Kyodo)

Hun Sen rejects Thai call for border-area troop withdrawal+

Posted: 07 May 2011 05:16 AM PDT

JAKARTA, May 7 Kyodo - Cambodian Prime Minister Hun Sen stated Saturday that Thailand's demand for withdrawal of Cambodian troopsfrom Cambodian territory on the disputed border between the twocountries is ''irrational and unacceptable.'' He made the statement at a plenary session of the 18th leaders' summit of the Association of Southeast Asian Nations that began in Jakarta on Saturday morning.
''This condition is irrational and unacceptable. In fact, it is Thailand that must withdraw troops from the vicinity of the areas, according to the judgment of the International Court of Justice at The Hague dated 15 June, 1962,'' he said.
Hun Sen was rejecting a recent demand by Thailand that unarmed Indonesian cease-fire observers will be allowed along the disputed border only if Cambodia withdraws its own troops and civilians from what Cambodia sees as its own land.
Thai Prime Minister Abhisit Vejjajiva countered that Cambodia was violating a Memorandum of Understanding agreed in 2000 that troops and population based or living near the ancient Preah Vihear Temple on the border must be withdrawn.
The bloody border conflict, which has seen a shaky cease-firesince Tuesday, has grown into a heated regional diplomatic conflictsince ASEAN foreign minister gathered in Jakarta on Friday and the
leaders on Saturday.
In a six-page statement to the leaders' plenary, Hun Sen highlighted the border war with Thailand as well as other regional issues such as disputes among other members and China in the China Sea and terrorism.
He noted the border war may not only affect regional peace and security but may also ''create serious challenges for ASEAN in our pursuit towards the ASEAN Community in 2015.''''I believe that ASEAN should not ignore this serious issue.
Moreover, ASEAN must consider this dispute as the most important issue for the life of the community...ASEAN must establish a mediation mechanism for the effective settlement of the dispute,'' he told the other leaders.
In conclusion, Hun Sen urged the ASEAN leaders to ''provide support and put forth necessary measures in order'' to make all parties concerned cooperate and accept unarmed observers along the disputed Thai-Cambodian as soon as possible.
''ASEAN's prestige and credibility will be at high risk if the efforts to establish a permanent cease-fire will not materialize as planned,'' he warned.
But Abhisit stuck to the Thai demand that Cambodia withdraw troops and people, but he did say he was ready to talk directly with Hun Sen, Thai government spokesman Panitan Wattanayakorn said after the session.
Abhisit also said Thailand has no intention of invading Cambodia and noted it had, in the past, assisted Cambodia in nation-building after the end of the Cambodian civil war, Panitan said.
The Thai premier also reiterated that Thailand has not rejected Indonesian observers out of hand, but he is ''still worried'' about deployment of troops and settlement of Cambodian people in disputed
areas, the spokesman added.
Panitan said other ASEAN leaders in the plenary meeting agreed both sides should resolve the conflict peacefully, under existing resolutions.
''The Indonesian president said in the meeting that this is a family problem that we should resolve it within the family,'' Panitan said.
Other sources at the plenary said Philippine President Benigno Aquino Jr. said his country is ready to offer mediation services and observers if Indonesia wants help.
The Malaysian and Laotian leaders also supported the need for ASEAN to solve the problem ''at home'' to keep the dispute from harming group plans for a single community, the sources said.
Yudhoyono added at the end of the session that he is ready to host Abhisit and Hun Sen for direct talks on the problem.
Officials said later the three may meet Sunday.
An Indonesian official said Yudhoyono will hold bilateral meetings with Hun Sen and Abhisit on Sunday morning and those meetings may be followed by a ''bilateral plus'' in which all three leaders will be in the same room together.
''We don't use the term 'tripartite' because the dispute involves two countries and Indonesia will only act as a
facilitator,'' the official explained.
The ASEAN members are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. ==Kyodo

Hun Sen rejects Thai call for border-area troop withdrawal+

Posted: 07 May 2011 01:56 AM PDT

JAKARTA, May 7 Kyodo - Cambodian Prime Minister Hun Sen stated Saturday that Thailand's demand for withdrawal of Cambodian troops

from Cambodian territory on the disputed border between the two countries is ''irrational and unacceptable.''

He made the statement at a plenary session of the 18th leaders' summit of the Association of Southeast Asian Nations that began in Jakarta on Saturday morning.

''This condition is irrational and unacceptable. In fact, it is Thailand that must withdraw troops from the vicinity of the areas, according to the judgment of the International Court of Justice at The Hague dated 15 June, 1962,'' he said.

Hun Sen was rejecting a recent demand by Thailand that unarmed Indonesian cease-fire observers will be allowed along the disputed border only if Cambodia withdraws its own troops and civilians from what Cambodia sees as its own land.

Thai Prime Minister Abhisit Vejjajiva countered that Cambodia was violating a Memorandum of Understanding agreed in 2000 that troops and population based or living near the ancient Preah Vihear Temple on the border must be withdrawn.

The bloody border conflict, which has seen a shaky cease-fire since Tuesday, has now grown into a heated regional diplomatic conflict since ASEAN foreign minister gathered in Jakarta on Friday and the leaders since Saturday.

In a six-page statement to the leaders' plenary, Hun Sen highlighted the border war with Thailand as well as other regional issues such as disputes among other members and China in the China Sea and terrorism.

He noted the border war may not only affect regional peace and security but may also ''create serious challenges for ASEAN in our pursuit towards the ASEAN Community in 2015.''

''I believe that ASEAN should not ignore this serious issue. Moreover, ASEAN must consider this dispute as the most important issue for the life of the community...ASEAN must establish a mediation mechanism for the effective settlement of the dispute,'' he told the other leaders.

In conclusion, Hun Sen urged the ASEAN leaders to ''provide support and put forth necessary measures in order'' to make all parties concerned cooperate and accept unarmed observers along the disputed Thai-Cambodian as soon as possible.

''ASEAN's prestige and credibility will be at high risk if the efforts to establish a permanent cease-fire will not materialize as planned,'' he warned.

The ASEAN members are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

Cambodian, Thai border conflict to cloud ASEAN summit in Jakarta+

Posted: 06 May 2011 01:53 AM PDT

JAKARTA, May 5 Kyodo - The Cambodian-Thai border conflict that  has resulted in bloody fighting between the two countries is expected to dwarf other regional issues this weekend when leaders of the Association of Southeast Asian Nations meet in Jakarta, ASEAN sources said Thursday.

They said among heated topics such as the Korean Peninsula, the South China Sea and Myanmar's troubled democracy, this time the Cambodia-Thai border war looks to overshadow them all.

As in every meeting of the ASEAN leaders over the past several years, the Korean Peninsula, especially nuclear weapons there; areas in the South China Sea claimed by four ASEAN members and China and new interest in the area by the United States; and Myanmar's slow road to democracy will again be on leaders' international agenda.

The Middle East and terrorism will also be there, but the shooting war between two ASEAN members -- Thailand and Cambodia -- is expected to be the most pressing matter.

The leaders of the 10-member group are to meet Saturday and Sunday for the 18th ASEAN Summit with the main theme being ''ASEAN Community in a Global Community of Nations.'' But a shooting war between members is nothing short of an

embarrassment of that lofty theme.

Cambodian Prime Minister Hun Sen has already told Foreign Minister Hor Namhong to get everything ready on the border issue for

the summit.

''If we could not sort it out now, at the foreign ministers'

level, the issue will have to be brought for the attention of the ASEAN leaders,'' he said, adding he will raise it in all

summit-related sessions.

The latest border clashes have been at Ta Moan and Ta Krabey temples, known in Thailand as Ta Meun and Ta Kwai, about 150

kilometers west of the long-disputed Preah Vihear Temple.

Preah Vihear has been at the center of the border conflict since 2008 when it was named a World Heritage site.

Sporadic fighting since 2008 near Preah Vihear has caused several casualties, but none of those skirmishes were as prolonged as

the 13 days of fighting from April 22 through May 3 near the two other temples that left at least 17 soldiers dead, more than 100

others wounded and displaced at least 70,000 civilians on both sides of the border.

Surin Pitsuwan, secretary general of ASEAN, told reporters in Jakarta that with help from global and regional powers there would be

a common effort to address the conflict this weekend.

''We have to be generous looking at the institution (of ASEAN) in making efforts, trying to help solve the problem between Thailand

and Cambodia. As I said, it is the first in many ways. Therefore, I think the fact that foreign ministers agree to come (for the summit)

and listen to issues of the two countries in conflict is already a first. It's already the step forward into the future,'' Pitsuwan said.

Marty Natalegawa, Indonesia's foreign minister, said Thursday he will meet with the foreign ministers of Cambodia and Thailand to wrap up terms of reference on the dispatch of unarmed Indonesian military observers to the disputed border.

He plans to meet with Hor Namhong on Friday morning and will follow with his Thai counterpart Kasit Piromya before a trilateral

meeting later Friday.

Cambodia and Thailand agreed in February to accept Indonesian observers in the disputed area to monitor a cease-fire, but they have yet been to be sent because terms of reference have not been settled.

Thai Prime Minister Abhisit Vejjajiva told reporters that Thailand is ready to sign the terms, but only if Cambodia withdraws

troops and other people from the disputed area.

Abhisit said Indonesia has pledged to discuss with Cambodia the condition and if Cambodia refuses to accept it, Thailand will not

sign the memorandum setting up the observer mission.

But, Koy Kuong, spokesman for Cambodia's Foreign Ministry, said Hun Sen has already affirmed it is ''impossible to kick'' Cambodian troops and people ''out of their own territory.'' What worries ASEAN most about the conflict is the mockery it

makes of ASEAN's proclaimed status as ''a region without the sounds of bullets.''

Surin admitted the border dispute is an embarrassment for ASEAN,  especially as it was initially forged to prevent open war in

Southeast Asia.

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

==Kyodo

Statement of ICAPP Standing Committee on the Situation on the Border between Cambodia and Thailand

Posted: 05 May 2011 11:56 PM PDT

The Standing Committee of the International Conference of Asian Political Parties (ICAPP),the most representative body representing the ruling, opposition and independent parties, at its meeting in Kuala Lumpur, Malaysia, on May 5, 2011, expresses its serious concern on the situation that has risen on the border between Cambodia and Thailand, particularly the recent clashes, including large-scale artillery operations, the use of cluster ammunitions and ground assaults. The ICAPP Standing Committee endorses the statement of the United Nations Secretary General, His Excellency Ban Ki-moon, urging both countries to take "immediate measures for an effective and verifiable ceasefire". The ICAPP also urges the parties to establish a permanent ceasefire and resolve the situation peacefully through effective political dialogue.

The ICAPP Standing Committee welcomes the initiative of ASEAN, through its Chairman, Indonesia, for organizing a dialogue between Cambodia and Thailand. As peace-loving members of the international community, the ICAPP, voicing the sentiments of the Asian people, rejects as unacceptable the use of force and sincerely hopes that peace will prevail through dialogue and effective negotiation.

In this regard, the ICAPP Standing Committee expresses its willingness to play any role, that is desirable by both parties, to defuse the situation and to help ensure the return of normalcy on the border between Cambodia and Thailand. We also urge both sides to respect all international treaties and covenants under international law and the United Nations Charter. We ask the ASEAN leaders who will meet in Jakarta on May 7-8, 2011, in the ASEAN Summit to do their utmost to put the process in place for an effective and verifiable ceasefire, with the introduction of the ASEAN-designated Indonesian military observers.

Philippine president orders wage hike, bonus for gov't employees

Posted: 05 May 2011 09:05 PM PDT

MANILA, May 6 (Xinhua) -- Philippine President Benigno S. Aquino III has issued two presidential directives for the implementation of the third tranche of wage increase under the Salary Standardization Law and the early disbursement of bonus and cash gifts to 1.4 million state workers.
Executive Secretary Paquito N. Ochoa Jr. announced on Friday that Aquino approved the release of the salary adjustment one month ahead of schedule under Executive Order No. 40, and the payment in advance of one-half of the year-end bonus and cash gift to civil servants under Memorandum Order No. 14.
The Chief Executive signed both orders on April 29, 2011.
"The president acknowledges the fact that the compensation of government employees is not at par with their counterparts in the private sector, so he recognizes the need to fast-track the improvement to the pay scale of those in the bureaucracy," Ochoa said.
He said the employees entitled to the third installment of the salary standardization will receive their pay adjustment beginning June 1, 2011.
The executive secretary said funding for the bonus equivalent to one-half of the one month basic salary and one-half of the 5, 000 pesos (116.50 U.S. dollars) cash gift had been made available by the Department of Budget to government agencies for distribution since May 1.
EO 40 specifically states that all employees in the Executive, Legislative and Judicial branches of government, constitutional commissions or offices, state universities and colleges, government-owned and -controlled corporations and financial institutions, and local government units (LGUs) whether regular, casual, contractual, appointive or elective on a full-time or part- time basis are covered by the salary increase.
Compensation adjustments also include military personnel of the Department of National Defense and uniformed personnel under the Department of the Interior and Local Government, Philippine Coast Guard, and National Mapping and Resources Information Authority.
The second installment was last implemented on June 24, 2010 for personnel in national government agencies and Jan. 1, 2011 for LGUs.

Nepali gov't plans to buy school textbooks from private press

Posted: 05 May 2011 09:04 PM PDT

KATHMANDU, May 6 (Xinhua) -- Nepali government is planning to buy school textbooks from private printing presses after Janak Education Materials Center (JEMC) could not print the remaining textbooks due to lack of printing paper.
Janardan Nepal, spokesperson, Ministry of Education was quoted by Friday's The Himalayan Times daily as saying that making books available to students was the most important issue, rather than their quality. Therefore, they were thinking of buying books from the private press if JEMC failed to print them in a few days.
He said, "more than one million textbooks from Grade I to X are needed and JEMC cannot print them in a few days, in view of the need to make books available, it had become necessary to procure them from private printers."
He said they would also appeal to the public to reuse old textbooks until every child has access to new books.

News Analysis: S.Korea braces for RMB internationalization By Yoo Seungki

Posted: 05 May 2011 09:04 PM PDT

SEOUL, May 6 (Xinhua) -- South Korea started bracing for the Chinese yuan's internationalization. The country's central bank said it applied for the status of qualified foreign institutional investors (QFII) earlier this year to invest its foreign reserves into the yuan-denominated assets.
"The central bank applied to China for QFII status to be able to invest its foreign exchange reserves in the yuan-denominated assets. The move aims to prepare for the Chinese currency's internationalization over the long haul amid China's growing influence in the global markets," a senior official at the Bank of Korea (BOK) told Xinhua Wednesday.  YUAN GOING GLOBAL
Given the Chinese currency's steady globalization, South Korea has no choice but to consider putting its foreign reserves into yuan assets, analysts at home and abroad said.
"The yuan is going through a process of internationalization. It's just a matter of how quickly it takes place. It makes sense to get in and attempt to establish investment links with China as the process evolves. There are likely to be lots of opportunities for strong investment returns, so it makes sense to establish a foothold in China before all the best opportunities disappear," Jonathan Cavenagh, a Singapore-based currency strategist at Westpac Banking, told Xinhua.
China has steadily promoted the internationalization of its currency. The world's second-largest economy expanded the settlement of trading bills in renminbi, allowed western companies ' yuan-denominated bond issuance and eased various regulations on yuan uses.
Back in August 2010, the fast-food giant McDonald's issued a 200 million yuan (29 million U.S. dollars) worth of reminbi- denominated bond in Hong Kong. It became the first non-financial foreign firm which issued bonds in yuan.
By the end of last year, the number of Chinese exporters that can use yuan in trading their goods was increased from a few hundred to more than 67,000, with the total cross-border renminbi trade settlements reaching 509.3 billion yuan.
The Bank of China (BOC) allowed their customers to trade the yuan in the U.S. starting January this year, and currency swaps between the People's Bank of China (PBOC) and foreign central banks amounted to 803.5 billion yuan from December 2008 to the end of last year.
Dai Xianglong, chairman of China's National Council for Social Security Funds, said in January when speaking at annual economic forum in Beijing that yuna's internationalization should be steadily promoted, adding that the globalization of the yuan will take 15 to 20 years.  DIVERSIFICATION MOVE
South Korea's push for yuan assets came amid the country's foreign reserves surpassed the 300 billion dollar mark for the first time in April. The nation's foreign reserves reached a record 307.2 billion dollars as of the end of last month.
The reserves tumbled to 200.5 billion in November 2008 amid the global financial crisis, but it has steadily risen since then due to brisk exports and increasing conversion value of non-dollar assets.
"The central bank invested its foreign reserves mainly into the dollar-denominated assets when the size of the reserves was tiny, but now the reserves exceeded the 300 billion dollar level, so it makes sense to consider investments into profitable assets, including the yuan," the senior official at the BOK said by phone.
The official noted the BOK's diversification move is not connected with dollar weakness, but market watchers said weaker dollar trend is also believed to urge the central bank to diversify its foreign reserves.
"The diversification is the BOK's basic strategy in managing its foreign reserves owing to the manifest dollar weakness. The central bank is also considering growing influence of China in the global markets, and the yuan has potential to appreciate further against the greenback down the road," Sam Hong, senior vice president in charge of currency strategy at Shinhan Bank in Seoul, told Xinhua.
"Given the heightened status of the yuan and rising foreign reserves in South Korea, the BOK will inevitably join the Asia- wide diversification trend. At the early stage, the central bank is likely to focus on the euro assets, but its interests will widen to yuan assets which have strong economic fundamentals," Jeon Seung-ji, a currency analyst at Samsung Futures in Seoul, told Xinhua.
"Central banks around the globe have already diversified their reserves. They are not dumping the U.S. dollars, but putting new reserves into different currencies. Over time it seems only natural that the yuan will also become part of that diversification process considering it is likely prominence in trade and capital flows," Cavenagh, a currency strategist at Westpac Banking, said.

Leave a Reply

If you have some guts to join or have any secret to share, you can get it published directly to this blog by using this address meaning once you send your article to this email, it will soon appear in this blog after verifying that it is not just spam!