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Currency swap against crisis

Posted on 05 January 2009

From Bjreview.com.cn: On December 12, the People’s Bank of China and the Bank of Korea jointly announced a bilateral currency swap arrangement worth 180 billion yuan ($27 billion), or 38 trillion Korean won. The three-year deal aims to provide liquidity for the financial systems in the two countries and keep their currencies stable.

Setting up such a currency swap was the core of the Chiang Mai Initiative, established in 2000 to encourage bilateral swap agreements between countries in the ASEAN+3-the 10 members of the Association of Southeast Asian Nations plus China, Japan and South Korea. …..Full Article: Source


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