The 15th session of the ASEAN, Japan and ROK (10 +3) finance ministers and central bank governors held in Manila, the meeting discussed the macroeconomic situation of the East Asian region, and regional financial cooperation and other issues, and decided to expand the Chiang Mai Initiative multilateral mechanismscale, to further strengthen regional financial safety net.
The delegates believe that East Asian economies continue to maintain solid growth, but also facing a debt crisis in Europe sustainable development, volatility of commodity prices, rising inflationary pressures and disorderly flow of short-term capital challenges. In this case, the parties decided to strengthen regional trade and investment cooperation and financial safety net, and promote sustained and healthy development of the regional economy.
To further strengthen crisis prevention and response capacity of the mechanism of the CMIM, the parties agreed to expand its size from $ 120 billion to $ 240 billion, In addition, the loans extended after the crisis period of use and new crisis prevention.
May 2000, the "10 +3 finance ministers in Chiang Mai, Thailand signed the establishment of a regional currency swap network protocol, the Chiang Mai Initiative, to address the regional balance of payments and short-term liquidity difficulties. To further meet all needs, in March 2010, the Chiang Mai Initiative multilateral agreement entered into force, a total size of up to $ 120 billion foreign exchange reserve pool in East Asia is officially formed.
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