According to an amended currency-swap agreement involving 10 ASEAN states plus China, Japan, and South Korea, each member may now request up to 40% from a crisis fund without an IMF-backed programme in place. That figure was earlier 30%. This means the region’s financial safety net is becoming more autonomous and inching towards the idea of an Asian monetary fund.
Chen Lixiong Last year, Southeast Asian economies hailed the birth of a new Asia-Pacific trade bloc, the Regional Comprehensive Economic Partnership. Less noticed was the advancements made in regional financial cooperation after China softened its position. “It feels like homework completed late,” Toshinori Doi, the director of ASEAN+3 Macroeconomic Research Office (AMRO), told Caixin in an interview. The homework he’s referring to is an accord
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