Chiang Mai Initiative doubled in size to $240 billion

Asia globe

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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