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An International Monetary Fund (IMF) official said on Wednesday that IMF was not particularly worried about the recent pressure on Indonesian and phenanthrene assets, which was not triggered by domestic factors, while the buffer space in Asia was stronger than ever.
The Philippines peso PHP=, the Indonesian rupee IDR= and the India rupee INR= have devalued 5-6% from this year's high, as the three countries' current account deficit is considered the most vulnerable Asian major economy to be vulnerable to external factors.
The three countries face a double blow in recent weeks, including the rise of US bond yields to 3% of capital outflows, while oil prices hit a three and a half year high, and import costs are likely to rise, thus worsening external imbalances.
But IMF Asia Pacific director Li Changyong said in Hongkong that the exchange rate devaluation is a "natural adjustment", and there is no need to panic, because the three countries have greater regulatory space than the Asian financial crisis in 1997.
"If you ask us if we are worried, I don't think it's too much to worry about at the moment," Li Changyong said at a press conference after IMF released the latest regional economic outlook report.

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