Chiang Mai currency swap deal comes to life

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The Chiang Mai agreement, a currency swap between the ten Association of Southeast Asian Nations (Asean) countries, China, Hong Kong, Japan and Korea, took effect on Wednesday.

The agreement, which was signed last December, is a step up from the existing bilateral currency swap network, will "further enhance regional capacity to safeguard against downside risks and challenges in the global economy," the Hong Kong Monetary Authority (HKMA) said.

The initiative, which is aimed at correcting balanc

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