Crisis fund set to double
Source: Agencies |
May 4, 2012, Friday
|
Print Edition
Print Edition
SOUTHEAST Asian countries and their major trading partners China, Japan and South Korea yesterday agreed to double a regional financial crisis fund to US$240 billion.
The fund, known as the Chiang Mai Initiative after the Thai city where it was conceived, is a collection of currency swaps set up as a safety net for Southeast Asia. Some 80 percent of the financial commitments for the fund come from China, Japan and South Korea.
The fund, known as the Chiang Mai Initiative after the Thai city where it was conceived, is a collection of currency swaps set up as a safety net for Southeast Asia. Some 80 percent of the financial commitments for the fund come from China, Japan and South Korea.
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