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ASEAN+3, HK sign Chiang Mai Initiative to address currency liquidity

(Xinhua)
Updated: 2009-12-28 16:38
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Top finance officials of a block of nations and regions in east and southeast Asia signed the Chiang Mai Initiative Multilateralization (CMIM) to address the short-term currency liquidity, China's central bank said on its website on Monday.

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The agreement was signed by the finance ministers and central bank governors of the Association of Southeast Asian Nations (ASEAN), China, Japan and the Republic of Korea (ASEAN+3), as well as the Hong Kong Monetary Authority chief.

The signatory nations and regions reached in May the agreement on all main components of a 120-billion-US dollar regional reserve pool to provide emergency liquidity for countries and regions in financial crisis.
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