The 10 members of the Association of Southeast Asian Nations (Asean), together with Japan, China and South Korea, agreed in late February to create a $120 billion pool of foreign exchange reserves. The fund is intended to act as a buffer for members by providing short-term financing, as well as helping to ward off speculative attacks on their currencies.
The new arrangement is a widening of the Chiang Mai initiative, which was established after the 1997/98 Asian crisis.
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