US EditionJapan, China, South Korea, ASEAN enhance regional financial safety net
- On May 4, 2025, senior financial officials from ASEAN countries, Japan, China, and South Korea convened in Milan, Italy, to strengthen regional mechanisms for financial stability.
- They convened the meeting to enhance the Chiang Mai Initiative Multilateralization , a currency swap framework established following the 1997-98 Asian financial crisis aimed at strengthening financial stability in the region.
- The group agreed to launch a new rapid financing facility under the CMIM to provide emergency funding without conditions for crises caused by sudden shocks like pandemics and natural disasters.
- The CMIM fund has a total of $240 billion, with Japan and China each providing $76.8 billion, South Korea contributing $38.4 billion, and the combined total from the 10 ASEAN countries being $48 billion. Leaders stated that this new facility will strengthen the region's financial resilience.
- This enhancement reflects the region’s commitment to stronger financial cooperation and better liquidity access to manage volatile and uncertain global economic conditions.
18 Articles
18 Articles
China Daily
EcnsNew financing facility set up to bolster stability
The ASEAN+3 members have agreed to launch a new financing facility that would help economies in the region access liquidity of freely usable currencies, including the renminbi, in times of emergency, a significant step forward in the region's collective efforts to safeguard financial stability amid heightened uncertainties, officials and experts said.
Japan Today
WTVBJapan, China, South Korea, ASEAN enhance regional financial safety net
Japan, China, South Korea and the 10 ASEAN countries agreed to enhance their regional financial safety net by launching a new lending facility aimed at swiftly responding to crises caused by pandemics and natural disasters. The finance leaders of the so-called ASEAN Plus Three group agreed at their meeting in…
ASEAN+3 to ramp up regional financial cooperation to cushion global trade shocks - BusinessWorld Online
MILAN, Italy — Finance ministers and central bank governors from ASEAN+3 economies have pledged to further regional financial cooperation to withstand rising trade uncertainty, with the Philippines also seeking to ramp up trade with its neighbors. In a joint statement, ASEAN+3 finance ministers and central bank governors noted “escalating trade protectionism,” which could lead to “economic fragmentation, affecting trade, investment, and capital …
Asean+3 reaffirms strengthening regional financial stability via robust bond markets
KUALA LUMPUR: The Asean+3 nations have reaffirmed commitment to strengthening regional financial stability through robust local currency bond markets, as outlined in its Bond Market Initiative (ABMI) Medium-Term Road Map 2023-2026. © New Straits Times Press (M) Bhd
ASEAN-plus-3 finance chiefs warn of protectionism after U.S. tariffs
The finance chiefs of the Association of Southeast Asian Nations plus Japan, China and South Korea warn of the potential global economic fallout of protectionist trade policies, following the announcement of higher import tariffs by U.S. President Donald Trump.
Coverage Details
Bias Distribution
- 40% of the sources are Center
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
