Xinhua Asia-Pacific news summary at 1600 GMT, April 4

JAKARTA — The plans of the Association of Southeast Asian Nations (ASEAN) to increase its monetary autonomy so as to reduce reliance on certain foreign currencies and payment systems reflect the de-dollarization process going on in several parts of the world, said an economist of Indonesia’s Bank Central Asia.

In the ASEAN Finance Ministers and Central Bank Governors meeting, which ended on March 31, member countries have agreed to reinforce the use of local currencies in the region and reduce reliance on major international currencies for cross-border trade and investment. (Indonesia-ASEAN-Dedollarization, INTERVIEW)

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HONG KONG — China’s Hong Kong Special Administrative Region (HKSAR) government expressed on Tuesday its support for an action taken to suspend the membership of the Hong Kong Ice Hockey Association (HKIHA) over a national anthem blunder in an international match.

The HKSAR government’s statement came after the Sports Federation & Olympic Committee of Hong Kong, China began relevant process to deal with the issue of the HKIHA’s membership. (HK-National Anthem-Suspension)

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HANOI — Vietnam’s economy is expected to grow 6.5 percent this year, supported by faster public spending, stronger private consumption and tourism recovery, the Asian Development Bank (ADB) said on Tuesday.

Vietnam’s exports and imports are expected to shrink by 7 percent this year due to weakening global demand, leading to a current account deficit equivalent to 1 percent to GDP this year, the bank said in the latest report. (Vietnam-GDP-ADB)

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PHNOM PENH — Cambodian Prime Minister Samdech Techo Hun Sen left here on Tuesday for the Lao capital Vientiane to attend the fourth summit of the Mekong River Commission.

The summit will bring together leaders of the lower Mekong countries of Laos, Cambodia, Thailand and Vietnam, Sry Thamarong, a minister attached to the prime minister, told reporters at Phnom Penh International Airport before departure. (Cambodia-Mekong River Commission)

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MANILA — Philippine economic growth is expected to remain in a healthy expansion mode this year from 2022’s forecast-beating outturn, underpinned by rising domestic demand and a recovery in services, particularly tourism, according to a new Asian Development Bank (ADB) report released on Tuesday.

Asian Development Outlook April 2023, the ADB’s flagship economic publication, expects the Philippine economy to grow by 6.0 percent this year, climbing further by 6.2 percent in 2024. (Philippines-ADB-Forecast-Growth)

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SYDNEY — Australia’s central bank, the Reserve Bank of Australia, announced on Tuesday that the cash rate target will remain unchanged at 3.60 percent and the interest rate on exchange settlement balances will also remain unchanged at 3.50 percent.

The decision to leave the cash rate on hold is the first time in a year after 10 consecutive rises, which raised the interest rate by 3.5 percentage points since May last year in a bid to curb the skyrocketing inflation. (Australia-Interest Rate)