ASEAN Economic Community News
Chiang Mai Initiative
The ASEAN member countries and Japan, China, and South Korea (ASEAN+3) plan to expand the Chiang Mai Initiative, an emergency multilateral currency swap arrangement that helps manage regional short-term liquidity problems and prevent another currency crisis. Currently, the overall pool is US$240 billion, but only 30%, US$72 billion, can be authorized for release under ASEAN+3’s authority. ASEAN+3 wants to move this amount to 40%, a US$24 billion increase.