By Shamim Adam
Nov. 6 (Bloomberg) -- Members of the Asia-Pacific Economic Cooperation are experiencing a return in investor confidence in their financial systems as equity and credit markets ``calm down,'' Philippine Treasurer Roberto Tan said.
The worst of the credit crisis may have passed as governments pump liquidity into their banking systems to ease the lending crunch, Tan said in an interview yesterday in Trujillo, Peru, where APEC finance officials are meeting this week.
``Everyone is hoping the worst is over and it looks like it is, based on how markets are behaving right now,'' Tan said. ``What's important is bringing back confidence so trades can take place and increase liquidity in the markets.''
A slump in global equity markets last month erased more than $9.5 trillion from the value of stocks worldwide, almost one-third of the total wiped out this year, as credit-related losses and writedowns by financial firms approached $700 billion.
APEC members are Australia, Brunei, Canada, China, Chile, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Taiwan, Thailand, the U.S. and Vietnam.
To contact the reporter on this story: Shamim Adam in Trujillo, Peru at sadam2@bloomberg.net
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