Asian financial sectors were generally escaped from severe impact of the financial collapse worldwide. However，that type of immunity doesn't give us an excuse to ignore the potential financial vulnerabilities that Asian economies have：capital flows are largely outside the region，foreign reserves management falls into dilemma，and Asia is over reliant on the US dollar over decades. Such vulnerabilities actually put Asia before tremendous financial risks. Therefore，it becomes an urgent task for policy makers in the region to decide how to strengthen regional financial cooperation in order to overcome the vulnerabilities in face of broad reform of global financial governance. Among many issues，the followings are critical：how to implement concrete steps to move forward the current regional liquidity mechanism，to develop regional financial market，and to carry out regional exchange rate cooperation. <<