RTTNews - Wednesday, Chinese Foreign Minister Yang Jiech reportedly said the Association of South East Asian Nations or ASEAN, Japan, China and South Korea need to boost financial co-operation to address regional risks.
We should vigorously intensify cooperation among finance departments, central banks and financial regulatory authorities of the ASEAN Plus Three countries, Yang said at the ASEAN+3 Foreign Ministers' meeting in Thailand.
With regard to the Chiang Mai Initiative Multilateralisation or CMIM, an agreement launched in 2000 in the Thai town of Chiang Mai between the 13 countries to address short-term liquidity difficulties in the region, Yang said the ASEAN+3 countries should strive to conclude the CMIM Agreement and operationalize the Self-managed Reserve Pooling Arrangement before the end of the year, the Xinhua News Agency reported.
In May this year, finance ministers of the 10-member ASEAN plus China, Japan and South Korea reached in an agreement to form a currency pool of $120 billion, to address short-term liquidity difficulties in the region, up from the original level of $80 billion proposed in 2008. The contribution of the Plus Three counties accounts for 80% and the rest by ASEAN members.
China and Japan will contribute $38.4 billion each and South Korea will add $19.2 billion.
ASEAN countries are Malaysia, Thailand, Singapore, Indonesia, Philippines,Vietnam, Laos, Cambodia, Brunei and Myanmar.
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