Asian finance ministers and central bank officials will attend the annual Asian Development Bank meeting in Istanbul to discuss the economic outlook, the risks they face and ways to prevent a repetition of the 1997/98 Asian financial crisis.

Asian central banks have more than $2.5 trillion of reserve assets, an arsenal that has grown rapidly in recent years as they intervened in markets to curb the export-damaging rise of their currencies against the falling dollar.

Participants include Japanese Finance Minister Sadakazu Tanigaki, Bank of Japan governor Toshihiko Fukui, Chinese finance chief Jin Renging and his Indian counterpart Palaniappan Chidambaram. From Europe, Dutch Finance Minister Gerrit Zalm and his Belgian counterpart Didier Reynders join the meeting.

"There will be some discussion on China's peg and the Europeans might bring it up. But so far Japan is less keen to push China, while the US and Europe take a harder stance," said Mansoor Mohi-Uddin, chief currency strategist at UBS.

"If China moves Japan will face the pressure as the market will sell dollar/yen as it has been doing over the past week. The ADB meeting might put further pressure on dollar/Asia but the decision on the peg is ultimately up to (President) Hu Jintao and (Premier) Wen Jiabao.