Mar 25, 2010 05:45 PM

Asian Countries Launch Currency Swap Pact

By intern reporter Xiong Ying

[Click for Chinese Version]

(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.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: China’s Homegrown Jet Begins Regular Route

PODCAST

Caixin-Sinica Business Brief: Hong Kong to Allow Retail Investors to Trade Crypto

00:00

00:00/00:00

MOST POPULAR

1: Cover Story: China’s Effort to Move Mountain of ‘Hidden Debt’ Faces Uphill Climb

2: China’s Post-Reopening Second Covid Wave Could Peak in Late June, Expert Says

3: In Depth: Chinese Fast Fashion Platforms Could Be Next U.S. Target

4: Five Things to Know About Chinese Trust Firms’ Scramble to Offload Risky Assets

5: Kunming Scrambles to Pay Off $170 Million of Financing Vehicle Debt

SPONSORED

OR