US EditionJapan, China, South Korea, ASEAN enhance regional financial safety net
- On May 4, 2025, the financial leaders from Japan, China, South Korea, and the ASEAN nations convened in Milan, Italy, to strengthen their collective regional financial safety net.
- They gathered to enhance the Chiang Mai Initiative Multilateralization, a mechanism established following the 1997-98 Asian financial crisis to bolster financial stability in the region.
- The meeting introduced a new rapid financing mechanism within the currency swap framework to offer immediate, unconditional financial support for emergencies triggered by health pandemics and environmental catastrophes.
- The total CMIM reserve pool stands at $240 billion, with equal contributions of $76.8 billion from Japan and China, South Korea providing $38.4 billion, and the ASEAN countries collectively adding $48 billion. Despite this sizable fund, the existing crisis resolution and precautionary facilities have not been used, as members prefer more straightforward options like bilateral swap agreements.
- This enhancement signals a strengthened regional commitment to resilience, with officials urging increased unity and cooperation amid escalating trade tensions and economic uncertainties.
15 Articles
15 Articles
China Daily
EcnsNew financing facility set up to bolster stability
The ASEAN+3 members have agreed to launch a new financing facility that would help economies in the region access liquidity of freely usable currencies, including the renminbi, in times of emergency, a significant step forward in the region's collective efforts to safeguard financial stability amid heightened uncertainties, officials and experts said.
Japan Today
WTVBJapan, China, South Korea, ASEAN enhance regional financial safety net
Japan, China, South Korea and the 10 ASEAN countries agreed to enhance their regional financial safety net by launching a new lending facility aimed at swiftly responding to crises caused by pandemics and natural disasters. The finance leaders of the so-called ASEAN Plus Three group agreed at their meeting in…
ASEAN+3 to ramp up regional financial cooperation to cushion global trade shocks - BusinessWorld Online
MILAN, Italy — Finance ministers and central bank governors from ASEAN+3 economies have pledged to further regional financial cooperation to withstand rising trade uncertainty, with the Philippines also seeking to ramp up trade with its neighbors. In a joint statement, ASEAN+3 finance ministers and central bank governors noted “escalating trade protectionism,” which could lead to “economic fragmentation, affecting trade, investment, and capital …
Asean+3 reaffirms strengthening regional financial stability via robust bond markets
KUALA LUMPUR: The Asean+3 nations have reaffirmed commitment to strengthening regional financial stability through robust local currency bond markets, as outlined in its Bond Market Initiative (ABMI) Medium-Term Road Map 2023-2026. © New Straits Times Press (M) Bhd
ASEAN-plus-3 finance chiefs warn of protectionism after U.S. tariffs
The finance chiefs of the Association of Southeast Asian Nations plus Japan, China and South Korea warn of the potential global economic fallout of protectionist trade policies, following the announcement of higher import tariffs by U.S. President Donald Trump.
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