PBoC, BoJ and Bank of Korea governors meet in China

The governors of the People's Bank of China (PBoC), Bank of Japan (BoJ) and Bank of Korea met today (August 1) to discuss economic and financial developments in the three countries.

The yearly meeting, which rotates between the three countries, was held in Dalian, China. Governors Masaaki Shirakawa of the BoJ, Xiaochuan Zhou of the PBoC and Choongsoo Kim of the Bank of Korea exchanged views on financial stability, regional co-operation and "other issues of common interest", a joint statement from the central banks said.

Jeon Seung Cheol, a deputy director at the Bank of Korea's Economic Research Institute, said the central bank chiefs also discussed the need to control debt in all three countries, according to the news agency Bloomberg.

The meeting was the fourth of its kind, after the three central banks agreed in December 2008 to meet each year "in order to strengthen mutual co-operation and communication and better safeguard economic and financial stability in the region", the central banks said in a joint communique released after the first meeting.

A fifth meeting will be held in Japan in 2013.