According to Mainichi, the finance vice ministers of the Association of Southeast Asian Nations (ASEAN) and China, Japan, and South Korea agreed to strengthen the currency swap mechanism to promote comprehensive financial cooperation.
The agreement was reached at a regular meeting of vice ministers and senior representatives from central banks of various countries, which recently took place in Kanazawa City, Japan.
The participating parties decided to promote the implementation of the Emergency Financial Facility (RFF) under the Multilateralization of the Chiang Mai Initiative (CMIM) agreement with the aim of providing timely financial support to member countries with urgent balance of payments needs.
According to the plan, the RFF will be approved at the next ASEAN+3 Finance Ministers and Central Bank Governors Meeting (AFMGM+3), scheduled to take place in May 2024.
HOANG THAN
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