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ASEAN+3, HK sign Chiang Mai Initiative to address currency liquidity

 
 BEIJING, (Xinhua) -- Top finance officials of a block of nations and regions in east and southeast Asia signed the Chiang Mai Initiative Multilateralization (CMIM) to address the short-term currency liquidity, China's central bank said on its website on Monday. The agreement was signed by the finance ministers and central bank governors of the Association of Southeast Asian Nations (ASEAN), China, Japan and the Republic of Korea (ASEAN+3), as well as the Hong Kong Monetary Authority chief.
 
The signatory nations and regions reached in May the agreement on all main components of a 120-billion-U.S. dollar regional reserve pool to provide emergency liquidity for countries and regions in financial crisis. The core target of the pact was "to address balance of payment and short-term liquidity difficulties in the region and to supplement the existing international financial arrangements", the central bank said in the statement.
 
China and Japan will contribute 38.4 billion U.S. dollars each to the liquidity pool and the Republic of Korea will offer 19.2 billion U.S. dollars. The 10 ASEAN nations will provide a combined 24 billion U.S. dollars. The ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Source: Xinhua Net, Dec 28,2009
   
 

 
 
Events
World Tourism Expo

 

China's tourism market is gearing up for the Shanghai World Expo which will be held in Shanghai, China. The exposition is a scheduled World Expo in the tradition of international fairs. The theme will be "Better City – Better Life" signifying Shanghai's 21st century status as an important economic and cultural center and representing the common wish of the whole humankind for a better living in future urban environments. It is expected to draw 70 million visitors, 3.5 million of them from overseas, the largest number of visitors in the history of the world's fairs. 
 
For more information on Shanghai World Tourism Expo, please visit  http://en.expo2010.cn/index.htm
   
 

 
 
 
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