日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

National

Regional

Taiwan, HK, Macao

Special Coverage

Focus

Society

Profiles

Chinese FM calls for financial co-op among ASEAN+3

(Xinhua)
Updated: 2009-07-22 15:20

PHUKET: Chinese Foreign Minister Yang Jiechi on Wednesday stressed the importance of regional financial cooperation to fend off risks among East Asian nations.

"We should vigorously intensify cooperation among finance departments, central banks and financial regulatory authorities of the ASEAN Plus Three countries," Yang said at the Association of Southeast Asian Nations, China, Japan and South Korea (ASEAN+3) Foreign Ministers' Meeting.

Related readings:  ASEAN to put more efforts to narrow gaps  Terrorism, rights on agenda for ASEAN ministers  ASEAN, China friendly organizations conference to be placed  DPRK to attend ASEAN forum: official  Guangxi-ASEAN links boost trade by 145%

A key mechanism for the region to ensure financial stability is the so-called Chiang Mai Initiative Multilateralisation (CMIM), which was set up to address short-term liquidity difficulties in the region.

"We should continue to promote the CMIM, and strive to conclude the CMIM Agreement and operationalize the Self-managed Reserve Pooling Arrangement (SRPA) before the end of the year," Yang said.

Finance ministers of the Association of Southeast Asian Nations, China, Japan and South Korea (ASEAN+3) reached in May the agreement on all main components of regional reserve pool, and would implement it before the end of this year.

The total size of the CMIM is US$120 billion with the contribution portion between the ASEAN and the Plus Three countries at 20 percent versus 80 percent.

China and Japan will each contribute US$38.4 billion to the pool, while South Korea will contribute US$19.2 billion.

"We should bring into full play the role of the bilateral currency swap agreements and enhance the capacity of countries in the region to fend off financial risks," Yang said.