Asia sets up $120bn FX fund to stave off attacks

Asian finance ministers on Sunday pledged $120 billion to counter the risk of a currency collapse in the region.

Finance ministers from the ten Association of South East Asian Nations (Asean) and China, Japan and Korea said at a meeting in Phuket, Thailand, that they would add another $40 billion to the $80 billion already set aside under the Chiang Mai Initiative, a bilateral currency swap arrangement aimed at averting volatility in the region's currency markets.

"Regional financial markets

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