Wednesday, June 17, 1998
Asia is plunging into a deep depression, says World Bank
The World Bank on Tuesday said that Asia was plunging into depression and called on Japan to help pull the region out of its economic nose-dive. World Bank senior regional official Jean-Michel Severino said Asia was on the threshold of a deep and long depression and warned that a global economic slump could be just months away. He expressed particular concern about the yen's historic weakness against the dollar and sounded a warning to Tokyo that it must play its role as Asia's economic engine.
China sounds warning bells on Yuan's health
China on Tuesday said its yuan currency could be shaken if it failed to meet its economic growth target, adding to mounting fears that a weak Japanese yen could spark a Chinese devaluation. In one of Beijing's strongest statements yet questioning the stability of its currency, finance minister Xiang Huaicheng wrote that China's ability to meet its economic growth target would put pressure on the yuan, or renminbi.
Weakening Yen continues to haunt Asian markets
The Yen's slide continues to loom large over Asia. A day after the Yen sank to an all-time low against the dollar, selling by foreign institutions continued to haunt most of the markets in the region. Led by Shanghai, Seoul and Thailand, most markets in the region closed with widespread losses.
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