Asian countries mark crisis, warned against complacency

"It is important that we make sure that we do not become overconfident that a crisis can never happen," said Thailand's finance minister, Chalongphob Sussangkarn.

He was speaking at a forum in Manila to mark the 10th anniversary of the Asian financial crisis, which was triggered by a large outflow of capital toppling an overvalued Thai baht.

The president of the Asian Development Bank said there was potential market volatility from large inflows of capital.

"We have the potential for more bouts of financial market volatility," Haruhiko Kuroda said.

"Capital flows have rammed up significantly over the past several years as increased global liquidity, Asia's economic resurgence and dynamism, along with the search for yields has drawn in and out large amounts of investment capital."

Asian economies have accumulated huge foreign reserves to cushion the impact of sudden withdrawal of massive capital.

The devaluation of the Thai baht on July 2, 1997 triggered a sharp fall in asset prices and currencies across the region. Millions of people fell below the poverty line and the crisis also led to upheaval in some countries, such as Indonesia and Thailand.