Chiang Mai Initiative doubled in size to $240 billion
Asian countries bolster safety net the day after Brics nations launch their own reserve fund
The Chiang Mai Initiative Multilaterlisation Agreement doubled in size to $240 billion today – more than two years after the 13 Asian countries participating in the scheme agreed to the change.
The initiative started out as a network of bilateral swap agreements between the 10 members of the Association of Southeast Asian Nations (Asean), China, Japan and South Korea.
In 2009, it was transformed into one, centralised, pooling mechanism. The participating countries agreed to contribute up to $120
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