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Japan, 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.
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Nikkei broke the news in Japan on Sunday, May 4, 2025.
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