China, Japan, Korea to pool some reserves - report

Bloomberg reported on Friday 4 May that China, Japan and South Korea have agreed to combine some of their foreign-exchange reserves in order to prevent any repeat of the crisis that hit Asia a decade ago.

The report said Japan's Koji Omi, China's Jin Renqing and South Korea's Kwon Okyu will join 10 finance ministers from Southeast Asia in Kyoto on Saturday 5 May to discuss combining some of their $2.7 trillion in foreign reserves.

``Things are at a very early stage and details haven't been set,