On July 21-23 2009, the 14th Executives Meeting of East Asia and Pacific Central Banks Governors meeting was convened in Hong Kong SAR, China. The meeting was presided over by Joseph Yam, Chief Executive of Hong Kong Monetary Authority and Chairman of the 2009 EMEAP Governors Meeting and attended by central bank governors and chief executives of monetary authorities from 11 EMEAP members, including PBC Governor Zhou Xiaochuan.
During the session, Governors discussed the latest economic and financial developments in the region and around the globe and exchanged views on issues such as "the Impacts of the Deterioration of Public Fiscal Position and the Increase of Government Debt on Monetary Policies" and "Pro-cyclical Risk Assumption and Counter-cyclical Regulation????Implications of the Reform of the International Financial System on EMEAP Economies". Governors were presented the reports of the 36th EMEAP Deputies Meeting and the report of the Monetary and Financial Stability Committee on its progress in the recent year and approved the reports of the Working Group on Financial Markets, the Working Group on Banking Supervision, the Working Group on Payment and Settlement Systems and the IT Directors Meeting.
Established in 1991 and comprising the central banks and monetary authorities of 11 economies in the East Asia and Pacific region (Australia, China, HK SAR, Indonesia, Japan, ROK, Malaysia, New Zealand, the Philippines, Singapore and Thailand), the EMEAP is the most important cooperation organization among central banks in the region. Its purpose is to promote the development of the financial system and strengthen the cooperation among central banks and monetary authorities in the region so as to maintain monetary and financial stability in East Asia and Pacific.
