Asian Countries Launch Currency Swap Pact
(Caixin Online) A currency swap agreement between Southeast Asian countries, China, Japan, South Korea came into effect on March 25, according to a statement posted on the website of the People's Bank of China.
The US$ 120 billion Chiang Mai Initiative Multilateralization agreement is aimed to provide emergency financial support to the participant countries troubled by liquidity shortages, according to the statement.
The agreement was signed last December by the finance ministers and central bank governors of the ASEAN members, China, Japan and South Korea, as well as the Hong Kong Monetary Authority chief. It is a multilateral extension of a network of bilateral swaps reached after the 1997-1998 Asian financial crisis.
Under the CMIM agreement, China, Japan, South Korea, and the ASEAN countries will be able to swap their currencies with U.S. dollars from the regional reserve pool, the statement said.
China and Japan each contributed US$ 38.4 billion to the pool and South Korea offered US$ 19.2 billion. The ASEAN nations provided a combined US$ 24 billion, according to the statement.
The ASEAN member countries are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
May 07 08:24 PM
May 07 07:51 PM
May 07 07:39 PM
May 07 04:35 PM
May 06 06:31 PM
May 06 06:25 PM
May 06 06:16 PM
May 05 06:52 PM
May 05 06:46 PM
May 05 06:43 PM
May 04 06:37 PM
May 04 06:34 PM
May 04 05:50 PM
Apr 30 07:05 PM
Apr 30 06:31 PM
- 1Sinopharm’s Vaccine Nears Emergency-Use Approval by WHO
- 2Patchy Risk Disclosure Earns Shanghai Pudong Development Bank a Slap on the Wrist
- 3State Rail Operator Blamed for Beijing Labor Day Chaos
- 4Major Chinese State Firms Told to Keep a Closer Eye on Their Derivative Trading
- 5Illegal Fuel Trade Probe Detains Six Employees of BP’s South China Venture
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas