Three things you should know about Chiang Mai

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The signing of the Chiang Mai initiative in December will be viewed in time as a momentous event in Asia's economic history.

So, first, what is the initiative? Now almost a decade old, the Chiang Mai initiative was created by the finance ministers of ASEAN, China, Korea and Japan (ASEAN+3) when they met on the sidelines of the Asian Development Bank (ADB) annual meeting in May 2000.
In the aftermath of the Asian financial crisis, ministers designed the initiative to address short-term liquidity

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