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ASEAN+3 Agree to Form US120$Bil. Pool of Foreign-exchange Reserves

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공표년도

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2009-02-23

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Major Asian economies have decided to expand the Chiang Mai Initiative to 1-hundred-20 BILLION US dollars from the current 80 BILLION.
Finance ministers of the Association of Southeast Asian Nations plus Korea‚ China and Japan came to this agreement at the finance ministers' meeting in Thailand over the weekend. Officials saw eye-to-eye on the expansion citing weakening Asian currencies against the US dollar over the past year.
The Chiang Mai Initiative is a multilateral currency swap program for any of the 13 participating countries in need. Korea‚ Japan and China will provide about 80 percent of the foreign currency pool while the 10 ASEAN members will contribute the rest.
Reporter : cherykang@arirang.co.kr

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