Mar 25, 2010 05:45 PM

Asian Countries Launch Currency Swap Pact

[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.

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