ASEAN agree on Chiang Mai

The 13 countries participating in the Chiang Mai Initiative to create bilateral currency swaps have reached an agreement on the main components of the scheme.

The ten states Association of Southeast Asian Nations (Asean) network and China, Japan and Korea on Sunday said that they had decided upon individual country's contributions, borrowing accessibility and the surveillance mechanism. Hong Kong was also invited to participate in the agreement.

Asian finance ministers in February pledged to