ANY attempt by Asian country central bank authorities or supranational bodies to manipulate currencies in the region against market forces would be futile. Credit Lyonnais Securities Asia economist Jim Walker said: 'Central authorities operating in money markets might be able to protect or fend off half-hearted attacks on their currencies. 'But any action against a concerted attack would be sure to fail.' Mr Walker was speaking at the second day of the Investors' Forum Asia 1995 at the Grand Hyatt. The creation of a fund run by a supranational body like the Asian Development Bank to protect Asian currencies against speculation would be a waste of money. Mr Walker said: 'Something like US$3 trillion a day of money is traded each day in global foreign exchange markets. 'Every seven days they turn over the equivalent of the United States economy. 'Given this size of the market any attempt to go against market forces would not be sustainable.' In the case of the Hong kong dollar, the currency peg is fully backed by reserves. 'This can sustain any half-hearted attack, but a major confidence crisis in the territory triggering a significant outflow of capital would put a tremendous strain on the peg that would be impossible to withstand,' Mr Walker stated. Credit Lyonnais Securities Asia senior managing director Gary Coull said the forum involved 400 fund managers and 62 companies with more than 150 senior executives.