What's happening in the world next week

Thailand to host 34th ASEAN Summit

Thailand will host the 34th ASEAN Summit on June 20 to 23 in Bangkok.

The Association of Southeast Asian Nations is hoping to realize greater economic growth and financial stability, with more emphasis on localized cross-border financial services to improve connectivity, according to analysts.

The use of local currencies to increase trade and direct investment in the region was given a boost with the signing of letters of intent last week between the Philippine central bank and the central banks of Indonesia, Malaysia and Thailand, to initiate discussions on establishing a currency settlement framework.