Asean+3 agree to reserves pooling
NEWS
At the 10th Asean+3 Finance Ministers' meeting in Kyoto on Saturday May 5, the ministers unanimously agreed to a self-managed reserves pooling arrangement governed by a single contractual agreement. They said this was "an appropriate way" to multilateralise the existing Chiang Mai Initiative (CMI), according to a joint statement released after the meeting.
Under the existing CMI, eight countries have taken out 16 bilateral currency swaps worth $80 million to provide funds to cover short-term
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