Zhu ends 5-nation Asian tour, leaves Bangkok for Beijing

Asian Political News, May 28, 2001

BANGKOK, May 22 Kyodo

Chinese Premier Zhu Rongji, ending a five-nation Asian tour, left Bangkok for Beijing on Tuesday after a four-day visit that ended with a nod ''in principle'' to provide Thailand standby credit for a bilateral currency swap arrangement.

Thai Prime Minister Thaksin Shinawatra requested his Chinese counterpart over dinner Monday in the southern beach resort of Hua Hin to inject about $4 billion as standby credit for the currency swap arrangement.

The central banks of the two countries would work out on details of the agreement, Thaksin said.

Thailand has been working with other members of the Association of Southeast Asian Nations (ASEAN) along with China, Japan and South Korea to form a web of regional currency-swap arrangements to prevent financial crises.

Thailand earlier concluded a $3 billion swap deal with Japan.

Despite the move, Zhu said earlier that he believes financial turmoil would not easily take place again after the great meltdown in mid-1997.

Thailand was the last leg of Zhu's Asian tour that also took him to Pakistan, Nepal, the Maldives and Sri Lanka.

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