International Law

ASEAN+3, FX Swaps & U.S. Foreign Policy

By Stan

Finance ministers from the Association of Southeast Asian Nations (ASEAN) as well as China, Japan and South Korea agreed yesterday on the minimum scale of a regional foreign reserve swap.

"We also agreed that the total size of the multilateralized CMI would be at least US$80 billion," finance chiefs from the 10-member ASEAN and three East Asian countries said in a joint statement after concluding a meeting under the framework called ASEAN+3 yesterday. (link to article)

One more example of the stuff going on in Asia while the U.S. is occupied playing in the sandbox of the Middle East. The article above is a good read also on the basics of the Chiang Mai Initiative, ASEAN financial issues, and why all of this is the direct result of the Asian Financial Crisis.

Full post as published by China Hearsay on May 05, 2008 (boomark / email).