ASEAN-plus-3 nations to discuss financial cooperation in Bali this week

SEOUL, March 28 (Yonhap) -- South Korea, China, Japan and the Association of Southeast Asian Nations (ASEAN) will hold a meeting of vice finance ministers and senior central bank officials in Bali this week for talks on their multilateral currency swap deal and ways to boost financial cooperation, Seoul's trade ministry said Tuesday.

The ASEAN+3 Finance and Central Bank Deputies' Meeting will take place in Bali for a two-day run from Wednesday, where senior officials will exchange opinions on the global and regional economic situation and policy responses and explore ways to boost financial ties among the regional players, according to the Ministry of Economy and Finance.

One of the key agenda items will be how to better use and develop their Chiang Mai Initiative Multilateralization (CMIM), a US$240 billion pool launched in 2010 that can be tapped through currency swap deals in times of financial crisis.

A currency swap is a tool meant to defend against financial turmoil by allowing a country beset by a liquidity crunch to borrow money from others with its own currency.

graceoh@yna.co.kr
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