$80b Asian fund may be speeded up

China, South Korea, Japan and ASEAN countries may speed up the creation of an $80 billion fund to safeguard regional financial stability, a move that reflects increasing concern about US and global financial prospects, analysts said.

South Korea's Deputy Finance Minister Shin Je-yoon was reported as saying on Sunday that the establishment of the fund should be accelerated to prevent the spillover of the US financial crisis to Asia.

Shin said Seoul plans to hold a meeting of the finance ministers of South Korea, Japan and China earlier than originally planned, for May next year, to discuss the scheme.