Bankers to meet on financial turmoil

Central bank governors of China, Japan and South Korea will hold regular annual meetings to discuss regional economic and financial issues, according to a joint statement of the countries yesterday ahead of the scheduled summit among their national leaders this weekend.

The statement said the mechanism is aimed to enhance dialogue among financial policymakers of these countries, with Beijing hosting the first such meeting next year.

"The new mechanism among central bankers shows that those East Asian economic powerhouses are in closer cooperation to combat the spreading of the global financial turmoil," said Sun Lijian, economist of Fudan University.