Asia's CMI prepared for crisis
Agreed upon by the 10 members of the Association of Southeast Asian Nations (Asean) plus Japan, China and South Korea, the plan includes a self-managed reserve pooling mechanism governed by a legally binding single contract among the nations.
The swap scheme is an upgrade of the Chiang Mai Initiative (CMI), a network of bilateral swaps among the Asean+3 nations created in 2000. The CME was created in response to the liquidity shortage in Asia during the 1997 Asian financial crisis. Some said it
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