Chiang Mai Initiative Continues To Develop
MARKET NEWS
TOKYO -- The Chiang Mai Initiative (CMI) continued to near completion last week as Japan and the Philippines signed a $3 billion swap agreement.
Japan has already penned swap agreements with Thailand, Malaysia and South Korea, but analysts remain sceptical as to whether the plan will serve its purpose.
"The CMI is really a statement of intent, and could work pre-emptively to ward off a crisis," Gerard Lyons, global head of treasury research at Standard Chartered Bank in London, told FX Week. "In
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