Ten ASEAN member nations including Korea, China and Japan launched a regional fund this Tuesday. The CMA (Chiang Mai Initiative) Multilateralization Agreement is intended to act as a safety net for member countries in case of liquidity shortage.
The member countries are poised to strengthen regional financial capacity. The fund would address the balance of payment and short-term liquidity problems in the region through currency swap transactions.
Again, Asians are looking inward. Of course, China plays a big role in this.
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