China to give funds to pool
By Maggie Zhang |
01:02 UTC+8 December 29, 2009
|
Print Edition
Print Edition
CHINA will contribute US$38.4 billion to the US$120 billion emergency currency swap pool set up under the Chiang Mai Initiative agreement to secure ample liquidity within the surrounding region.
The agreement allows members of the initiative, the 10-member Association of Southeast Asian Nations, China including Hong Kong, Japan and South Korea to tap into a regional pool of foreign exchange reserves to better fend off financial crises, the People's Bank of China said yesterday on its Website.
The pool of money can be used by countries short of liquidity via currency swaps with their local currency for the greenback.
China's contribution is equal to that of Japan, or 32 percent of the pool.
Chinese mainland will contribute US$34.2 billion, while Hong Kong will provide the other US$4.2 billion.
The pool will be launched on March 24 to upgrade the existing initiative, which was launched in 2000.
The initiative was first launched by five ASEAN nations - Thailand, Malaysia, Indonesia, Singapore and the Philippines - and China, Japan and South Korea after the Asian financial crises in 1997 and 1998.
The agreement allows members of the initiative, the 10-member Association of Southeast Asian Nations, China including Hong Kong, Japan and South Korea to tap into a regional pool of foreign exchange reserves to better fend off financial crises, the People's Bank of China said yesterday on its Website.
The pool of money can be used by countries short of liquidity via currency swaps with their local currency for the greenback.
China's contribution is equal to that of Japan, or 32 percent of the pool.
Chinese mainland will contribute US$34.2 billion, while Hong Kong will provide the other US$4.2 billion.
The pool will be launched on March 24 to upgrade the existing initiative, which was launched in 2000.
The initiative was first launched by five ASEAN nations - Thailand, Malaysia, Indonesia, Singapore and the Philippines - and China, Japan and South Korea after the Asian financial crises in 1997 and 1998.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
