ASEAN+3 reach agreement on all main components of regional reserve pool

Chinese Finance Minister Xie Xuren
attends a joint press conference of finance ministers of the Association
of Southeast Asian Nations, China, Japan and South Korea (ASEAN+3), in
Bali, Indonesia, May 3, 2009. The ASEAN+3 finance ministers reached on
Sunday the agreement on all main components of regional reserve pool, and
will implement it before the end of this year. (Xinhua/Yue
Yuewei)
Photo
Gallery

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

The agreement on Chiang Mai Initiative
Multilateralization (CMIM) includes "the individual country's contribution,
borrowing accessibility, and the surveillance mechanism," said a statement
issued after the finance ministers' meeting.

The total size of the CMIM is
120 billion U.S. dollars with the contribution portion between ASEAN and the
Plus Three countries at20 percent versus 80 percent.

A joint press conference of finance
ministers of the Association of Southeast Asian Nations, China, Japan and
South Korea (ASEAN+3), is held in Bali, Indonesia, May 3, 2009. The
ASEAN+3 finance ministers reached on Sunday the agreement on all main
components of regional reserve pool, and will implement it before the end
of this year. (Xinhua/Yue Yuewei)
Photo
Gallery

China and Japan will each contribute 38.4 billion
U.S. dollars to the pool, while South Korea will contribute 19.2 billion
dollars.

Among China's portion, Hong Kong Special
Administrative Region will contribute 4.2 billion U.S. dollars.

The CMIM is set up to "address short-term liquidity
difficulties in the region and to supplement the existing international
financial arrangements," the statement said.

The ministers agreed to establish an independent
regional surveillance unit to monitor and analyze regional economies and support
CMIM decision-making. As a start, there would be an advisory panel of experts to
work closely with the Asian Development Bank and the ASEAN Secretariat.

Chinese Finance Minister Xie Xuren (L)
poses for a group photo with his Japanese counterpart Kaoru Yosano (C) and
his South Korean counterpart Yoon Jeung-hyun before their meeting in Bali,
Indonesia, on May 3, 2009. (Xinhua Photo)
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Gallery

China, Japan, S Korea reach agreement
on distribution ratio of regional reserve pool

BALI, Indonesia, May 3 (Xinhua) -- China, Japan, and South
Korea have reached an agreement on the distribution ratio of a 120-billion-U.S.
dollar regional foreign-exchange reserve pool plan here on Sunday.

China, Japan, and South Korea will contribute to the pool
on a 2:2:1 ratio, namely 38.4 billion U.S. dollars from China and Japan each and
19.2 billion from South Korea. Full story

ASEAN countries agree on individual
contributions to regional reserve pool


PATTAYA, Thailand, April 9 (Xinhua) -- The ten
member countries of the Association of the South East Asian (ASEAN) Thursday
agreed on individual contributions to the foreign reserve pool, Thailand's
Finance Minister Korn Chativanij said in a joint press conference in beach
resort Pattaya in Thailand's central province of Chonburi.

The agreement was made during the
13th ASEAN Finance Ministers' Meeting ahead of the ASEAN Plus Three summit, to
be held April 10 to 12 in Pattaya.

Full story

Finance ministers of the Association of
Southeast Asian Nations, China, Japan and South Korea (ASEAN+3) hold a
meeting in Bali, Indonesia, May 3, 2009. The ASEAN+3 finance ministers
reached here on Sunday the agreement on all main components of regional
reserve pool, and will implement it before the end of this year.
(Xinhua/Yue Yuewei)
Photo
Gallery

Chinese Finance Minister Xie Xuren
(Front) attends a meeting with his Japanese counterpart Kaoru Yosano and
his South Korean counterpart Yoon Jeung-hyun in Bali, Indonesia, on May 3,
2009.(Xinhua Photo)
Photo
Gallery