ASEAN+3 finance ministers propose measures to deal with crisis
ASEAN+3 finance ministers propose measures to deal with financial crisis
The ASEAN+3 finance ministers have agree to consider adding the Japanese yen and Chinese yuan to currency swap arrangements in addition to the US dollar as part of efforts to deal with possible financial crises while rejecting protectionism amid growing US-China trade tensions.
Finance ministers and central bank governors of ASEAN, China, Japan and the Republic of Korea meets in Fiji. (Photo: VNA)
Hanoi (VNA) – The ASEAN+3 finance ministers have agree to consider addingthe Japanese yen and Chinese yuan to currency swap arrangements in addition tothe US dollar as part of efforts to deal with possible financial crises whilerejecting protectionism amid growing US-China trade tensions.
The additional of local currencies to swap agreements are “one enhancementoption”, said a joint statement released after the meeting of finance ministersand central bank governors of ASEAN, China, Japan and the Republic of Korea(ASEAN+3) in Fiji from April 30 to May 2.
In a bid to prevent a repeat of the 1997 Asian currency crisis, the countrieslaunched the Chiang Mai initiative in 2000, a US dollar-denominatedmultilateral currency swap arrangement under which member countries facingshort-term liquidity shortages can access a pool of USD in exchange for theircurrencies.
Now, ASEAN+3 countries are considering adding Japanese and Chinese currenciesto the 240 billion USD safety net to reduce their overreliance on the dollar.
Japanese finance ministerTaro Aso spoke highly of the plan, saying that it will help countries enhanceability to respond to urgent situations.
Meanwhile, experts said that the adjustment plan will be an initiative tosupport Asian countries in increasing foreign exchange reserves. In addition,the move is expected to help internationalise the yen and yuan while expandingthe economic clout of Japan and China in the region.
However, it is unclear whether the US would accept such a development. Membersof the Asian Development Bank (ADB) are discussing the issue as Asiancurrencies may be devaluated in lousy cases.
At the meeting, the countries said they would “remain vigilant against thedownside risks” which regional economies may encounter. They affirmedcommitment to uphold the rules-based multilateral trading system and openregionalism, and resist all forms of protectionism.
Regarding regional economic prospects, they hoped that the economies of ASEAN+3countries will grow stably.
The Meeting of ASEAN+3 Finance Ministers and Central Bank Governors took placeon the sidelines of the ADB’s 52nd annual meeting from May 1-5 inFiji.-VNA
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Finance ministers and central bank governors of ASEAN, China, Japan and the Republic of Korea meets in Fiji. (Photo: VNA) 
