Malaysia backs down over IMF
MARKET NEWS
KUALA LUMPUR -- Malaysia has bowed to pressure and accepted the International Monetary Fund’s role in an Asian currency swap plan that aims to prevent speculative attacks on currencies in the region.
Malaysia had previously been unwilling to sanction the involvement of the IMF in the scheme -- called the Chiang Mai initiative -- which revolves around the principle of linking member nations’ FX reserves.
But Japan sent senior financial diplomats to Malaysia last week in a bid to convince Malaysia
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