BNP Paribas economist questions Asian deflation concerns

Andrew Freris refutes US and European claims that Asia is exporting deflation to the world.

BNP Paribas' Asia Pacific chief economist yesterday Tuesday dismissed claims that the region has a major problem with deflation and warned Asian central banks not to cave in to outside pressure to revalue their currencies.

Speaking at a press conference held at the Island Shangri La Hotel in Hong Kong, Freris said that concerns about deflation in the United States, Europe and Japan has led central banks in those countries to direct some of the blame at undervalued Asian currencies, particularly the Rmb.

According to Freris, even though the US is not currently experiencing deflation, the Federal Reserve is keen to avoid further downward pressure on prices. There is a growing...

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