Overview of the CMIM
In response to the Asian Financial Crisis, ASEAN+3 member authorities decided in 2000 to strengthen their financial cooperation through the establishment of the Chiang Mai Initiative (CMI), comprising a network of bilateral swap agreements among members. The CMI was multilateralised into a single contractual agreement called the Chiang Mai Initiative Multilateralisation (CMIM) Agreement, which came into effect on 24 March 2010.
The CMIM is a multilateral currency swap arrangement for liquidity support among ASEAN+3 members, established at USD120 billion. Its core objectives are to: (i) address balance of payment and/or short-term liquidity difficulties in the ASEAN+3 region, and (ii) supplement existing international financial arrangements. The evolution of the CMI into the CMIM marked an important milestone, exemplifying the members’ strong commitment to continuously improving and promoting financial stability in the region.
The contracting parties to the CMIM Agreement comprise the finance ministries and central banks of ASEAN+3 countries (Brunei Darussalam, Cambodia, China, Indonesia, Japan, Korea, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam), and the Hong Kong Monetary Authority.
The CMIM was further strengthened in 2014 by doubling the size of the facility to USD240 billion, increasing the CMIM-International Monetary Fund (IMF) De-linked Portion to 30 percent, and extending the maturity and supporting periods. A crisis prevention facility — the CMIM Precautionary Line — was also introduced, in addition to the existing CMIM Stability Facility; the latter of which is for crisis resolution.
In March 2021, members amended the CMIM Agreement to increase the IMF De-linked Portion to 40 percent from 30 percent of each members’ maximum arrangement amount, and to institutionalize the use of local currencies, in addition to the U.S. dollar, for CMIM financing on a voluntary and demand-driven basis.
CMIM members have repeatedly affirmed their commitment to further strengthening the CMIM as part of the regional financial safety net. The CMIM has also been enhanced through, for instance, test runs, revisions of the Operational Guidelines, and periodic reviews.
How the CMIM works

Total size and contribution
The total size of the CMIM is USD240 billion.
CMIM contributions, maximum arrangement amount and voting power distribution

Governance and decision making
Fundamental issues, such as the total size of the CMIM and contribution of each CMIM party, will be determined by a consensus approval at the Ministerial Level Decision Making Body (MLDMB), which consists of ASEAN+3 Finance Ministers and Central Bank Governors.
Executive level issues, such as initial execution of drawing, renewal of drawing and events of default, will be determined by a two-thirds majority vote at the Executive Level Decision Making Body (ELDMB), which comprises the deputy-level representatives of ASEAN+3 Finance Ministries and Central Banks, and the Hong Kong Monetary Authority.

Financing facilities
For balance of payments and/or short-term liquidity difficulties, any ASEAN+3 member is entitled to request the activation of swap transactions of their local currencies with the U.S. dollar or local currencies of other ASEAN+3 countries (known as the CMIM stability facility (CMIM-SF)). Each member’s swap quota is capped to an amount up to their contribution, multiplied by their respective purchasing multiples. This swap quota is referred to as the maximum arrangement amount.
Drawing amount and maturity for CMIM-SF
IMF-linked portion: If a CMIM-SF arrangement is linked to an IMF program, the drawing can be made up to each CMIM party’s maximum arrangement amount that is defined in the CMIM Agreement. Each drawing will mature one year after the date of drawing. Renewal of drawings is allowed and the number of renewals is determined by the Executive Level Decision Making Body for consistency with the relevant IMF-Supported Program.
IMF De-linked Portion: If the CMIM-SF is not linked to any IMF program, the drawing can be made up to 40 percent of each CMIM party’s maximum arrangement amount. Each drawing will mature in six months and can be renewed up to three times, bringing the total supporting period to two years.
If an ASEAN+3 member is experiencing potential balance of payments and/or short-term liquidity difficulties, they can request to establish swap lines of their local currencies with the U.S. dollar or local currencies of other ASEAN+3 countries. Once the swap lines are approved by the ELDMB, the member can make an actual drawing without any further approval from the ELDMB. Such an arrangement is referred to as the CMIM precautionary line (CMIM-PL), which was introduced in 2014. Each member’s swap quota is the same as their CMIM-SF.
Duration of access for CMIM-PL
The duration of access for the CMIM-PL is six months. In the case of the IMF De-linked Portion, renewal of the line is allowed up to three times, whereas in the case of the IMF-linked portion, the number of renewals is determined by the ELDMB for consistency with the relevant IMF-Supported Program. Once a drawing is made from the CMIM precautionary line, the drawing for the IMF-linked portion matures in one year and for the IMF De-linked Portion, maturity is set at six months. No renewal is allowed for the drawing from the CMIM-PL, regardless of whether it is from the IMF De-linked or linked portion.
Qualifications and conditionality
The Executive Level Decision Making Body may flexibly apply the five qualification criteria below, as ex-ante qualifications for CMIM-PL, and ex-post conditionality, after considering the economic reports by the requesting country and analyses by AMRO and, if necessary and available, by third parties such as the ADB, the IMF or other similarly competent institutions.
Five qualification criteria:
(i) External position and market access
(ii) Fiscal policy
(iii) Monetary policy
(iv) Financial sector soundness and supervision
(v) Data adequacy
The total amount that can be drawn by each member country, either for prevention or resolution purposes, should be within the maximum arrangement amount set aside for that country. Dual drawing from CMIM-SF and CMIM-PL is restricted. The ELDMB can decide if the CMIM-PL should be replaced with the CMIM-SF upon request, if the CMIM-PL recipient is experiencing crisis and needs liquidity support.

Conditions precedents and covenants
The CMIM party that requests the CMIM arrangements (CMIM-SF and/or CMIM-PL) must meet a set of conditions precedent before the ELDMB takes a vote on whether to approve such a request. For example, ELDMB members must review the economic and financial situation of the swap requesting country before voting, and the requesting country is required to meet all terms and conditions set out by the CMIM Agreement; namely, to show no events of default.
After liquidity support is provided, the swap requesting country must comply with covenants, including the submission of the periodic surveillance report and participation in the ASEAN+3 Economic Review and Policy Dialogue.

CMIM’s coordination with other financial facilities
The global financial safety net (GFSN) is generally composed of four layers; Regional Financing Arrangements, Bilateral Swap Arrangements, and national foreign exchange reserves; with the IMF at its center.
Stronger cooperation among the different layers of the GFSN is crucial to preventing and containing future crises and safeguarding global financial stability. Against this backdrop, ASEAN+3 members decided to carefully study how the CMIM can be better integrated into the GFSN. To this end, joint test runs have been conducted in collaboration with the IMF since 2016 and the lessons were reflected at the time of the first Periodic Review of the CMIM Agreement to ensure consistency with the IMF. In particular, the supporting period of the IMF-linked portion of the CMIM arrangements was adjusted for consistency with the relevant IMF-supported programs and an information-sharing coordination process was established in the Operational Guidelines to develop shared views on economic and financial situations, financing needs, and policy recommendations for co-financing.
Support to the CMIM
Supporting the implementation of the CMIM is one of AMRO’s core functions. AMRO’s effort has centered on providing support to members on the following aspects to enhance the CMIM’s operational readiness.
The CMIM Agreement is supplemented by the Operational Guidelines specifying relevant activation procedures, which are continuously updated along with test runs.
Members have regularly conducted test runs under various scenarios since 2013, especially joint test runs with the IMF from 2016 to 2018.
The peacetime checklist was drawn up and checked to monitor member authorities for CMIM activation, in line with the CMIM Agreement and Operational Guidelines.
AMRO has supported members in developing and enhancing the ERPD Matrix to act as qualification criteria and methodology for the CMIM-PL.
AMRO supported members in the first five-year Periodic Review by identifying and addressing key issues, and consolidating points raised at the CMIM test-run evaluation sessions. The first periodic review was acknowledged by the Finance Ministers and Central Bank Governors in 2019, and the CMIM Agreement was amended accordingly; going into effect in June 2020.
AMRO has provided intellectual and administrative support to further strengthen the CMIM. Specifically, AMRO has supported CMIM members in adopting the CMIM conditionality framework and collaborating with other international financial institutions.
Regional Financing Arrangements
Regional Financial Arrangements (RFAs) are mechanisms or agreements through which groups of countries mutually pledge financial support to countries experiencing financial difficulties in their regions. There are multiple active RFAs globally, with CMIM/AMRO providing a financial safety net for the ASEAN+3 region.
Other forms of financial safeguards comprise national foreign exchange reserves, bilateral swap lines, as well as financial assistance from the IMF.
RFAs were typically set up in response to different types of crises, such as those related to currency, sovereign debt or bank runs. Cooperation between RFAs — and between RFAs and the IMF — is crucial to limit the worst effects of the next financial crisis. The first High-Level Dialogue on the role of RFAs was held in 2016 in Washington, D.C., where participants agreed to hold a Joint RFA Research Seminar on an annual basis. The most recent seminar jointly organized by AMRO, the European Stability Mechanism, and the Fondo Latinoamericano de Reservas, was virtually held in December 2020.
Several joint research and other initiatives have been put in place to enhance the capacities of RFAs, as well as strengthen cooperation among RFAs, and between RFAs and the IMF.
References:
2021
The information below is extracted from the press release announcing the amendments to the CMIM (March 31, 2021). To read the full press release, click here.
- The amended Chiang Mai Initiative Multilateralisation (CMIM) Agreement, which is a regional financing arrangement among the Finance Ministers and Central Bank Governors of the ASEAN member states, China, Japan and Korea (ASEAN+3) and the Monetary Authority of Hong Kong, China, came into effect on 31 March 2021.
- The key features of the amendment to the CMIM Agreement are as follows:
- To increase the International Monetary Fund (IMF) De-linked Portion from 30 percent to 40 percent of each member’s maximum arrangement amount;
- To institutionalize the use of members’ local currencies, in addition to the U.S. dollar, for CMIM financing on a voluntary and demand-driven basis; and
- To address other technical issues, including revisions related to the London Inter-bank Offered Rate (LIBOR) reform.
Please refer to the Annex for more details.
- The amendment serves to further enhance the CMIM, which stands at the center of the regional financial safety net of the ASEAN+3, making it more effective and operationally ready for member economies.
ANNEX: Key features of the amendment to the CMIM Agreement and the Operational Guidelines
- Increase the IMF De-linked Portion
The IMF De-linked Portion is the amount each member may request from the CMIM when there is no matching IMF supported program. The amendment increases the IMF De-linked Portion from 30% to 40% of each member’s maximum arrangement amount, making the CMIM more readily available to the countries in need.
- Institutionalize local currency contribution to the CMIM
The amendment makes members’ local currencies available for the provision of liquidity support under any CMIM arrangement within the CMIM’s total financing capacity of USD240 billion. Local currency financing under the CMIM will be on a voluntary and demand-driven basis for the arrangement requesting parties, as well as arrangement providing parties.
- Address technical issues
The amendment includes revisions related to the LIBOR reform. It also addresses other technical adjustments, such as information sources for foreign exchange rate determination, a time limit for swap executions, and the meeting format for the CMIM decision-making body.
2020
The amended Chiang Mai Initiative Multilateralisation (CMIM) Agreement, which is a regional financing arrangement among the Finance Ministers and Central Bank Governors of the ASEAN Members States, China, Japan and Korea (ASEAN+3) and the Monetary Authority of Hong Kong, China, came into effect on June 23, 2020. Together with the amended CMIM Agreement, the corresponding revision of the CMIM Operational Guidelines also came into effect on the same day.
Key points of the amendment to strengthen the CMIM are as follows:
• To create more flexibilities for the financing period of the IMF Linked Portion of the CMIM to secure consistency with the IMF-supported programs and strengthen coordination mechanism with the IMF;
• To introduce an overarching legal basis for conditionality in order for the CMIM to support members in addressing their risks and vulnerabilities through policy recommendations as well as financial support; and
• To address other legal ambiguity issues.
This amendment will strengthen the CMIM, which stands at the center of the regional financial safety net of the ASEAN+3.
ANNEX: Key Points of the amendment of the CMIM Agreement and the Operational Guidelines
1. Flexibility on the Supporting Periods of CMIM IMF Linked Portion
The supporting period of the IMF Linked Portion of the CMIM has been made flexible by allowing renewals as many times as necessary to match the supporting period of the relevant IMF-supported programs. Adjustments of other financing terms such as disbursement date have also been made to secure consistency with the IMF-supported program in the case of co-financing.
2. Strengthened Coordination Mechanism with the IMF
In order to ensure consistency with the IMF, a coordination process in the form of Operational Guidelines has been established to create a shared view on economic and financial situations, financing needs, and policy recommendation for co-financing, and the modalities of early information-sharing has been aligned with this strengthened coordination process.
3. Enhanced Conditionality Framework
ASEAN+3 members introduced an overarching legal basis for conditionality that applies to both the CMIM-SF (a crisis resolution facility) and the CMIM-PL (a crisis prevention facility). Previously, the CMIM Agreement only regulated the conditionality for CMIM-PL. Also, in the case of co-financing with the IMF, it is required that the CMIM conditionality should be consistent with that of the relevant IMF-supported program.
4. Reinforced Review and Ex-post Monitoring
The program review and monitoring process are reinforced by clarifying the issues to be reviewed and monitored after a CMIM Arrangement is approved. In the case of co-financing with the IMF, it is required that the reviews and disbursements based on such a review by the CMIM and the IMF should be consistent with each other.
5. Upgrading Financing Terms and Conditions
A series of financing conditions have been upgraded to match the relevant IMF-supported program. For example, in the case of the IMF Linked Portion, flexibility will be applied to the schedule of disbursement, subject to the decision made by the Executive Level Decision Making Body (ELDMB).
6. Fine-tuning the Duty to Confidentiality Clause
Rules on confidentiality have been eased so that some CMIM-related information could be provided 1) for media coverage to bolster market confidence when the CMIM is activated, and 2) to third parties, including the IMF, subject to the decision made by the ELDMB.
2019
The information below is extracted from the Joint Statement of the 22th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (May 1, 2019, Nadi, Fiji). To read the full statement, click here.
Recognizing the recent economic and financial developments in the region, we reaffirm our commitment to further strengthen the CMIM, the Regional Financing Arrangement (RFA), as an effective and timely self-help mechanism, and a strong and reliable layer in the Global Financial Safety Net. In this regard, we welcome the successful conclusion of the first Periodic Review of the CMIM Agreement and approve the amended CMIM Agreement with the expectation for its early entry into force. We commend the progress in updating the CMIM Operational Guidelines (OGs) to align with the amendments in the Agreement, including strengthened collaboration between the IMF and CMIM, and look forward to its completion by the end of 2019.
We welcome the adoption of the Guiding Principles of the CMIM conditionality framework, and encourage the Deputies to finalize the Technical Guidance for the CMIM conditionality framework at the earliest. We also welcome the further progress made in improving the qualification criteria of the CMIM Precautionary Line by adopting the Economic Review and Policy Dialogue (ERPD) Matrix Scorecard as a qualification reference, which has been integrated into AMRO’s surveillance work. We welcome the successful completion of the 9th joint Test Run with strengthened coordination mechanism between the CMIM and the IMF and the quick implementation of its findings into the OG. We will conduct the 10th Test Run this year, with the view to enhancing the operational readiness of CMIM, and AMRO’s role as the supporting agency.
We acknowledge the vital importance of continuously enhancing the CMIM with a medium- to long-term perspective to secure regional financial stability. In this regard, we welcome the progress of the Deputies’ review of the future direction of the CMIM and endorse the “General Guidance on Local Currency Contribution to the CMIM” (see Annex). We take note of the comparative study of RFAs, and request the Deputies to further discuss and prioritize the proposed issues in relation to the future direction of the CMIM and report the progress at the next meeting.
[Annex] General Guidance on Local Currency Contribution to the CMIM
The ASEAN+3 Finance Ministers and Central Bank Governors, at their meeting (AFMGM+3) in May 2018, requested the Deputies to further discuss and review the future direction of the CMIM from a medium- to long-term perspective, including the issue of local currency contribution to the CMIM. Based on members’ discussion. With the support of AMRO’s collaborative research, the following general guidance for local currency contribution to the CMIM has been agreed upon:
1. In the context of growing uncertainty and a challenging external environment, particularly the growing demand for local currency usage in cross-border transactions in the region, increased mutual agreements on initiatives relating to the promotion of local currency usage and a greater role for local currencies as reserve currency, local currency contributions to the CMIM may be one enhancement option. It would be in addition to existing modalities and provide more funding options for members to enhance financial stability, while taking into consideration possible unintended effects.
2. The eligibility of currencies for contribution to the CMIM, as well as the possible size of local currency contributions to the CMIM, should be addressed using criteria or scenarios that will be agreed upon by CMIM members in the future.
3. Considering that the extent of cross-border local currency usage and the need for local currency CMIM liquidity support among members differ, local currency contributions to the CMIM should be demand-driven, and be designed and implemented on a voluntary basis for both Arrangement Requesting Parties (ARPs) and Arrangement Providing Parties (APPs).
4. Local currency contributions to the CMIM should follow a gradual approach and its modality will be further explored through further studies on the matter.
5. When a local currency contribution to the CMIM is made, an appropriate interest rate in the money market or bond market of the APPs should be applied to the benchmark of funding costs. The exchange rate will be agreed upon bilaterally based on the direct quotation between the two currencies or cross rate in relevant markets.
6. When a local currency contribution to the CMIM is made, both APPs and ARPs should ensure smooth and safe fund transfers, in accordance with domestic rules and regulations, and that the scheme is operationally feasible.
2018
The information below is extracted from the Joint Statement of the 21th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (May 4, 2018, Manila, Philippines). To read the full statement, click here.
We [the Finance Ministers and Central Bank Governors of ASEAN, China, Japan and Korea (ASEAN+3)], reaffirm our commitment to strengthen the CMIM and have reached a general agreement on the main contents of the first CMIM Periodic Review. This Review will be a key milestone in further strengthening the CMIM, which stands at the center of the regional financial safety net of the ASEAN+3. In this regard, we have agreed to reinforce the financial support including the flexibility to extend periods under the IMF-linked portion of the CMIM Agreement in order to ensure that the CMIM remains up-to-date, and reflective of the member countries’ circumstances, as well as global economic and financial conditions. We have also agreed to add an overarching legal basis for conditionality in order for the CMIM to support members in addressing their risks and vulnerabilities through policy recommendations as well as financial support (please see Annex below). We urge the Deputies to prepare the final text of the amended CMIM Agreement within this year for signing so that it can be executed at the earliest opportunity.
We acknowledge that in an increasingly integrated global financial system, stronger cooperation among the different layers of the GFSN (Global Financial Safety Net) is crucial to prevent and contain future crises and safeguard global financial stability. We welcome the successful completion of the 8th test run carried out with the participation of the IMF, subsequent to the previous year, in which information-sharing process relating to the activation of the CMIM arrangement with the IMF program was examined. It highlighted the importance of better cooperation with the IMF, while respecting the independence and governance of the CMIM and the IMF. Based on the outcome of the test run, we encourage close engagement at an early stage between the CMIM and the IMF, with the support of AMRO, to enhance effectiveness of the regional financial safety net. We appreciate the support of the IMF in the recent test run. We believe that strengthening communication with all relevant parties, including the media, will enhance public confidence if and when the CMIM Arrangement is activated. In addition, we request the Deputies to continue to discuss and review the future direction of the CMIM in the medium-to long-term perspective and report the progress at the next meeting.
We further welcome the continued work of our Deputies to further enhance the operational readiness of the CMIM including updating the CMIM Operational Guidelines (OG) and conducting further test runs jointly with the IMF. We acknowledge the progress made in improving the qualification criteria for the CMIM Precautionary Line, by enhancing the Economic Review and Policy Dialogue (ERPD) Matrix framework, which will be integrated into AMRO’s surveillance work. We encourage the Deputies, in cooperation with AMRO, to conduct a new round of pilot projects and look forward to the 9th CMIM test run in 2018 jointly with the IMF. We welcome the advancements made in developing the CMIM Conditionality Framework, and look forward to further progress in the development of the Guiding Principles and the Operational Guidelines for the CMIM Conditionality Framework. We look forward to further enhancements on the assessment methodology on the potential increase of the IMF De-linked Portion.
[Annex]
Key Points for the First CMIM Periodic Review in 2018
- Flexibility on the Supporting Periods of CMIM IMF-Linked Portion
The CMIM Parties have agreed to improve the CMIM financing terms in order to strengthen their support for members. Specifically, the length of the CMIM supporting periods has been made flexible by increasing the maximum number of renewals from two times to multiple times if and when necessary in the case of the IMF Linked Portion. As a result of this amendment, CMIM Arrangements can be provided for more than three years in the case of the IMF Linked Portion. This may also provide a modality for financing assurances for co-financing operations.
- Strengthened Coordination Mechanism with the IMF
It is acknowledged that close cooperation and coordination with the IMF is critical to prevent and/or resolve future crises in the region. In this regard, in order to ensure consistency with the IMF, a coordination process in the form of Operational Guidelines (OG) will be duly established to have a shared view on economic and financial situations, financing needs, and policy recommendations for co-financing. The modalities of early information-sharing will be aligned with this coordination process. Engagement at an early stage may facilitate smooth collaboration, help address differences and allow the formation of a common view on key parameters and policies, while the CMIM and the IMF will continue to form an independent view on their respective financing decisions.
- Enhanced Conditionality Framework
The CMIM Parties have agreed to add an overarching legal basis for conditionality, in addition to the existing one for crisis prevention, as an applicable provision for the CMIM Arrangement for crisis resolution. It is expected that the CMIM may further support members by helping in the design and implementation of appropriate economic and financial policies, which in turn can make members overcome a crisis more quickly and settle on a sustainable path of economic growth. In joint financing programs with the IMF, it is now explicit that conditionality of the approved CMIM Arrangement shall be consistent with the IMF-supported Program, through early information-sharing and engagement and collaboration based on one coherent program.
- Reinforced Review and Ex-post Monitoring
The program review process is reinforced by identifying the issues to be reviewed and monitored after a CMIM Arrangement is approved. For co-financing, program reviews and disbursements based on such a review by the CMIM and the IMF can be better coordinated with the IMF-supported Program.
- Upgrading Financing Terms and Conditions
A series of financing conditions have been upgraded consistent with the relevant IMF-supported Program. For example, it has been agreed in the case of the IMF Linked Portion, flexibility will be applied to the schedule of disbursement, subject to the decision made by the ELDMB (Executive Level Decision Making Body).
- Fine-tuning the Duty to Confidentiality Clause
If necessary and available, some CMIM-related information can be disclosed for media coverage to bolster market confidence when the CMIM is activated and also be shared with third parties, including the IMF, subject to the decision made by the ELDMB and the consent of the Arrangement Requesting Party.
2017
The information below is extracted from the Joint Statement of the 20th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (May 5, 2017, Yokohama, Japan). To read the full statement, click here.
We [the Finance Ministers and Central Bank Governors of ASEAN, China, Japan and Korea (ASEAN+3)] affirmed our commitment to further strengthen the CMIM as an essential part of the regional financial safety net. In this regard, we welcomed the revision of the CMIM Operational Guidelines to clarify the activation process of the IMF De-linked Portion of the CMIM, as well as the progress in the preparation of the CMIM Conditionality Framework. We also welcomed the Deputies’ endorsement of the assessment methodology on the increase in the IMF De-linked Portion. We appreciated all these efforts and the significant progress that has been made in working towards the potential increase of the IMF De-linked Portion. We look forward to further progress on this issue. It is encouraging to note that the CMIM, with its current size of USD 240 billion, is at the center of our regional financial safety net, complemented by the network of bilateral swap arrangements in the region amounting to more than USD 160 billion.
We welcomed the development of the qualification indicators for the CMIM-Precautionary Line, based on the Economic Review and Policy Dialogue (ERPD) Matrix, that consists of key economic and financial indicators of all ASEAN+3 member economies. We look forward to the successful completion of the pilot project for the ERPD Matrix peacetime procedure and progress on ERPD Matrix indicators and benchmarks, in cooperation with AMRO.
We noted that the CMIM also contributes to a stronger global financial safety net with the IMF at its center. In this regard, we welcomed the successful completion of the 7th Test Run which examined the activation of the CMIM arrangement with the IMF program. It has highlighted the importance of improving CMIM’s readiness and effectiveness by (i) addressing issues that are fundamental to the CMIM, (ii) improving CMIM-IMF coordination (including burden sharing, financing conditions and information sharing), and (iii) enhancing AMRO’s capacity. These important works have been included in our plan on the Periodic Review of the CMIM Agreement, and we look forward to strong progress towards this direction by our next meeting, including the reports from the two Working Groups (WGs), one on CMIM fundamental issues and the other on the coordination with IMF. We will deepen our engagement with the IMF with the aim of resolving operational issues that may arise in order to further strengthen the supplementary role of the CMIM in the global financial safety net.
2016
The information below is extracted from the Joint Statement of the 19th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (May 3, 2016 Frankfurt, Germany). To read the full statement, click here.
We [the Finance Ministers and Central Bank Governors of ASEAN, China, Japan and Korea (ASEAN+3)] affirmed our commitment to further strengthen the CMIM as an essential part of the regional financial safety net. In this regard, we welcomed the progress made on enhancing the CMIM Operational Guidelines (OG), conducting regular CMIM Test Runs under various scenarios, and undertaking the CMIM peace-time preparation activities to ensure the operational readiness of the CMIM, including the activation process of IMF delinked portion, with AMRO’s support. We look forward to the recommendation of the taskforce in November 2016 on the potential increase in the IMF delinked portion.
Against the backdrop of the reform of the international financial architecture now being pushed forward by the G20, including further strengthening the global financial safety net with the IMF at its center, we tasked the Deputies to carefully study how the CMIM can be better integrated into the global financial safety net. To this end, we welcomed a Test Run to be conducted this year on the crisis resolution facility linked to the IMF program.
We welcomed the continued work of our Deputies and AMRO to further develop the qualification indicators for the CMIM Precautionary Line (CMIM-PL), based on the Economic Review and Policy Dialogue (ERPD) Matrix, which consists of key economic and financial indicators of all ASEAN+3 members. We tasked the Deputies, in cooperation with AMRO, to continue to develop the ERPD Matrix and to explore ways to further utilize this tool in a more forward-looking manner.
We supported the timely conclusion of the periodic review of the CMIM Agreement. In view of this, we recognized that some aspects in the CMIM fundamental issues should be further clarified in the CMIM Agreement based on the lessons learnt from the previous peace-time preparation and Test Runs. We welcomed the Deputies’ endorsement of the priority order and work schedule for the CMIM fundamental issues, and tasked the Deputies to work out solutions on the relevant issues following the agreed timetable.
We noted the completion of the CMIM Studies on “Troika’s Financial Assistance Programs in the Euro Area for CMIM’s Future Reference” and “Comparative Analysis of CMIM Arrangement and Market Practices”.
2015
The information below is extracted from the Joint Statement of the 18th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (May 3, 2015, Baku, Azerbaijan). To read the full statement, click here.
We [the Finance Ministers and Central Bank Governors of ASEAN, China, Japan and Korea (ASEAN+3)] remain committed to ensuring that the CMIM is operationally ready, as well as to further strengthening the mechanism as an essential part of the regional financial safety net. In this regard, we welcomed the amended CMIM Agreement, which entered into force on 17 July 2014. We also welcomed the Deputies’ achievements in enhancing the CMIM Operational Guidelines (OG), conducting CMIM Test Runs under various scenarios, and undertaking the CMIM peace-time preparation exercise. We reaffirmed our commitment to ensuring the operational readiness of the CMIM, and thus tasked the Deputies, in cooperation with AMRO, to continue working on these exercises, and to reflect the lessons learnt in the OG.
With the introduction of the CMIM crisis prevention facility (“CMIM Precautionary Line” or “CMIM-PL”) in July 2014, it is crucial to develop and operationalize the qualification assessment framework for member economies to access the CMIM-PL. In this regard, we welcomed the continuing work of our Deputies and AMRO to further develop the qualification indicators for the CMIM-PL, based on the Economic Review and Policy Dialogue (ERPD) Matrix, which consists of key economic and financial indicators of all ASEAN+3 members. We assigned the Deputies, in cooperation with AMRO, to continue to develop the ERPD Matrix and to explore ways to further utilize this tool in a more forward-looking manner.
We took note of the progress in the work on the potential increase in the IMF De-linked portion and tasked the Deputies to further advance the work on strengthening the CMIM as a part of the regional financial safety net.
We welcomed the commencement of the CMIM Studies on “Troika’s Financial Assistance Programs in the Euro Area for CMIM’s Future Reference” and “Comparative analysis of CMIM arrangement and market practices under International Swaps and Derivatives Association (ISDA)” while taking into account the conditions within each region.
2014
The information below is extracted from the Joint Statement of the 17th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (May 3, 2014, Astana, Kazakhstan). To read the full statement, click here.
We [the Finance Ministers and Central Bank Governors of ASEAN, China, Japan and Korea (ASEAN+3)] reaffirm our commitment to further strengthen the CMIM as part of the regional financial safety net. We welcomed the report of our Deputies on the progress made to prepare during peace times to ensure that the CMIM is operationally ready. In particular, we welcomed the Deputies’ achievements in completing the revision of the Operational Guidelines of the amended CMIM Agreement which contain the detailed arrangements for the operationalization of the CMIM. We instructed the Deputies, in cooperation with AMRO, to continue developing the CMIM operational readiness.
We welcomed the work of our Deputies to develop the first full set of indicators of the “Economic Review and Policy Dialogue (ERPD) Matrix” which consists of various economic and financial indicators of all ASEAN+3 members. The ERPD Matrix is intended to be used to assess members’ qualification for the CMIM’s crisis prevention facility. We instructed the Deputies, in cooperation with AMRO, to continue developing the matrix and to elaborate the ways the matrix will be used to assess a member’s qualification for the CMIM crisis prevention facility.
We also agreed to endorse the “Guidelines for the further cooperation with the International Monetary Fund” to help enhance CMIM’s effectiveness and AMRO’s capacity. We took note of the progress in the study on “Ways to Improve the Use of Local Currencies under the CMIM” and “Joint Response to the Capital Flows at the ASEAN+3 Level”.
2013
The information below is extracted from the Joint Statement of the 16th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (May 3, 2013, Delhi, India). To read the full statement, click here.
We [ the Finance Ministers and Central Bank Governors of ASEAN, China, Japan and Korea (ASEAN+3)] appreciated the work done by our Deputies to amend the CMIM Agreement to reflect the measures to strengthen the CMIM as agreed in May 2012. In this connection, the Finance Ministers welcomed the Central Bank Governors’ involvement in the fundamental decision making process of the CMIM. At the same time, we remain committed to ensuring that the CMIM is operationally ready, and we instructed the Deputies to continue work on the necessary revisions of the current CMIM Operational Guidelines by the next ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting in 2014.
We welcomed the work of our Deputies and AMRO to develop the “Economic Review and Policy Dialogue (ERPD) Matrix”. The matrix will consist of economic indicators of all ASEAN+3 members and will facilitate the assessment of members’ qualification for the CMIM’s crisis prevention facility. We instructed the Deputies and AMRO to continue work on the ERPD Matrix for the smooth implementation of the CMIM should the need arise.
We reaffirmed our commitment to further strengthening the CMIM as part of the regional financial safety net. Recognizing that enhancing the use of local currencies for settlement in trade, investment and capital transactions, and reducing the volatility of capital flows in and out of the region would help mitigate the impacts of external risks, we endorsed further studies on “Ways to Improve the Use of Local Currencies under the CMIM” and “Joint Response to the Capital Flows at the ASEAN+3 Level”. We instructed the Deputies to consider ways to seek an effective cooperative relationship with the International Monetary Fund (IMF) and other multilateral financial institutions in the areas of surveillance, liquidity support arrangement and capacity development.
2012
The information below is extracted from the Joint Statement of the 15th ASEAN+3 Finance Ministers’ Meeting (May 3, 2012, Manila, Philippines). To read the full statement, click here.
Against this backdrop, we [the Finance Ministers and Central Bank Governors of ASEAN, China, Japan and Korea (ASEAN+3)] all committed to strengthening the CMIM as a part of the regional financial safety net, and unanimously agreed as follows:
- i) to double the total size of the CMIM from US$120bn to US$240bn;
- ii) to increase the IMF de-linked portion to 30% in 2012 with a view to increasing it to 40% in 2014 subject to review should conditions warrant;
iii) to lengthen the maturity and supporting period for the IMF linked portion from 90 days to 1 year and from 2 years to 3 years, respectively; and those for the IMF de-linked portion from 90 days to 6 months and from 1 year to 2 years, respectively; and
- iv) to introduce a crisis prevention facility called “CMIM Precautionary Line (CMIM-PL).”
More details can be found in Annex 1.
We shall continue to engage the IMF in the areas of surveillance, financial safety net and capability development.
We requested the Deputies to work out necessary revisions of the current CMIM Agreement and the Operational Guidelines by the upcoming November Deputies’ Meeting to reflect these agreements.
2011
The information below is extracted from the Joint Statement of the 14th ASEAN+3 Finance Ministers’ Meeting (May 4, 2011, Ha Noi, Viet Nam). To read the full statement, click here.
We [the Finance Ministers of ASEAN, China, Japan and Korea (ASEAN+3)] endorsed the “Operational Guidelines for Enhancing Effectiveness of CMIM”, which is the operational manual for the currency swaps made pursuant to the CMIM Agreement, including the CMIM’s activation process in relation to the existence of the IMF Programs. We believe that these Guidelines will contribute to swift and smooth activation of CMIM Agreement.
We welcomed the establishment of AMRO, which, as the surveillance unit of CMIM, plays an important role to monitor and analyze regional economies, and to contribute to early detection of risks, swift implementation of remedial actions, and effective decision-making of CMIM. We expect AMRO to be fully operational soon, and are committed to promote the smooth and efficient operation of AMRO. We instructed the Deputies to review AMRO’s organizational capacity at the next Deputies’ meeting so that AMRO could fully meet its objectives. We also instructed the Deputies to launch a study to strengthen the legal status of AMRO to constitute an international organization with an international legal personality.
We shared the view that, under the current global financial environment, crisis takes place on a global scale and it spreads in a short period of time. It has demonstrated the importance of crisis prevention measures to deter contagion. Considering that the regional financial arrangement needs to be adapted to this new environment, we instructed the Deputies to initiate a study on the design of a possible crisis prevention function for CMIM, including the size, further collaboration with the IMF, and the role of AMRO.
2010
The information below is extracted from the Joint Statement of the 14th ASEAN+3 Finance Ministers’ Meeting (May 4, 2011, Ha Noi, Viet Nam). To read the full statement, click here.
We [the Finance Ministers of ASEAN, China, Japan and Korea (ASEAN+3)] endorsed the “Operational Guidelines for Enhancing Effectiveness of CMIM”, which is the operational manual for the currency swaps made pursuant to the CMIM Agreement, including the CMIM’s activation process in relation to the existence of the IMF Programs. We believe that these Guidelines will contribute to swift and smooth activation of CMIM Agreement.
We welcomed the establishment of AMRO, which, as the surveillance unit of CMIM, plays an important role to monitor and analyze regional economies, and to contribute to early detection of risks, swift implementation of remedial actions, and effective decision-making of CMIM. We expect AMRO to be fully operational soon, and are committed to promote the smooth and efficient operation of AMRO. We instructed the Deputies to review AMRO’s organizational capacity at the next Deputies’ meeting so that AMRO could fully meet its objectives. We also instructed the Deputies to launch a study to strengthen the legal status of AMRO to constitute an international organization with an international legal personality.
We shared the view that, under the current global financial environment, crisis takes place on a global scale and it spreads in a short period of time. It has demonstrated the importance of crisis prevention measures to deter contagion. Considering that the regional financial arrangement needs to be adapted to this new environment, we instructed the Deputies to initiate a study on the design of a possible crisis prevention function for CMIM, including the size, further collaboration with the IMF, and the role of AMRO.
2009
The information below is extracted from the Joint Statement of the 12th ASEAN+3 Finance Ministers’ Meeting (May 3, 2009, Bali, Indonesia). To read the full statement, click here.
On the Chiang Mai Initiative (CMI), we [the Finance Ministers of ASEAN, China, Japan and Korea (ASEAN+3)] have reached agreement on all the main components of the CMIM, including the individual country’s contribution, borrowing accessibility, and the surveillance mechanism. The agreed components of the CMIM, which is a framework of mutual assistance among ASEAN+3 countries, are consistent with its two core objectives : (i) to address short-term liquidity difficulties in the region and (ii) to supplement the existing international financial arrangements.
We agreed to implement the CMIM before the end of this year. In this regard, we tasked our Deputies to work out the operation details and implementation plan, particularly the legal documents that will govern the CMIM.
The information below is extracted from the Joint Media Statement, Action Plan to Restore Economic and Financial Stability of the Asian Region. To read the full statement, click here.
In order to ensure regional market stability and to foster confidence in the markets, we stress the importance of operationalising the Multilateralisation of the Chiang Mai Initiative (CMI), and agree on the following key elements.
- The total size of Multilateralised Chiang Mai Initiative (CMIM) will be increased from the initially agreed level of US$ 80 billion to US$ 120 billion, the proportion of the amount of contribution between ASEAN and the Plus Three countries will be maintained at 20:80 respectively.
- The regional surveillance mechanism should be further strengthened into a robust and credible system which will facilitate prompt activation of the CMIM. An independent regional surveillance unit will be established to promote objective economic monitoring.
- After the above surveillance mechanism becomes fully effective in its function, the IMF de-linked portion may be increased above the current limit of 20 percent.
Building on the basis of the progress made thus far, with a view to making our financial cooperation more responsive and effective, we strive to reach agreement on the main components of CMIM by our next meeting in 2009, in Bali, Indonesia.
As an interim measure, the existing bilateral swap arrangement network should play its full role and be strengthened in terms of size and participants as necessary.
2008
The information below is extracted from the Joint Statement of the 11th ASEAN+3 Finance Ministers’ Meeting (May 4, 2008, Madrid, Spain). To read the full statement, click here.
On the Chiang Mai Initiative (CMI), we have been carrying out work on the key elements of the multilateralisation of the CMI since our last Meeting in Kyoto, following the principle agreement that a self-managed reserved pooling arrangement governed by a single contractual agreement is an appropriate form of multilateralisation. We reiterated our commitment to maintain the two core objectives of the CMI: (i) to address short-term liquidity difficulties in the region and (ii) to supplement the existing international financial arrangements. We agreed that CMI Multilateralisation will be underpinned by rigorous principles to govern its key aspects, including economic surveillance, borrowing accessibility, activation mechanism, decision making rules and lending covenants, while keeping to timely disbursement.
2007
The information below is extracted from the Joint Statement of the 10th ASEAN+3 Finance Ministers’ (May 5, 2007, Kyoto, Japan). To read the full statement, click here.
On the Chiang Mai Initiative, we [the Finance Ministers of ASEAN, China, Japan and Korea (ASEAN+3)] were pleased to note that the Bilateral Swap Arrangement (BSA) network has increased to US$ 80 billion, consisting of 16 BSAs among 8 countries.
We noted the substantial progress made in the activities of the new Taskforce on CMI Multilateralisation. Proceeding with a step-by-step approach, we unanimously agreed in principle that a self-managed reserve pooling arrangement governed by a single contractual agreement is an appropriate form of multilateralisation. We recognised the consensus reached as a significant achievement towards an advanced framework of regional liquidity support mechanism. We instructed the Deputies to carry out further in-depth studies on the key elements of the multilateralisation of the CMI including surveillance, reserve eligibility, size of commitment, borrowing quota and activation mechanism. Meanwhile, we reiterated our commitment to maintain the two core objectives of the CMI, i.e.,
- i) to address short-term liquidity difficulties in the region and
- ii) to supplement the existing international financial arrangements.
We reaffirmed the importance and necessity of strengthening cooperation on regional surveillance alongside the CMI multilateralisation process based on the Economic Review and Policy Dialogue (ERPD). We welcomed the initial progress made by the Group of Experts (GOE) and the Technical Working Group on Economic and Financial Monitoring (ETWG) on ways to strengthen regional surveillance capacity since their launches after our last meeting in Hyderabad. Further, we agreed to explore ways on how to link these activities with strengthened surveillance within the region.
2006
The information below is extracted from the Joint Statement of the 9th ASEAN+3 Finance Ministers’ Meeting (May 4, 2006, Hyderabad, India). To read the full statement, click here.
On the Chiang Mai Initiative (CMI), substantial progress has continued to be made. In particular, the strengthening of the regional liquidity support network (also known as “the Second Phase of the CMI Review”), which was initiated at the Jeju ASEAN+3 Finance Ministers’ Meeting 2004, had been successfully completed, as explained below. Here, we [the Finance Ministers of the ASEAN, China, Japan, and Korea (ASEAN+3)] reaffirmed to firmly maintain the CMI’s two core objectives, namely, (1) to address short-term liquidity difficulties in the region and (2) to supplement the existing international financial arrangements.
- i) Collective decision-making procedure for the swap activation was adopted. All Swap Providing Countries can simultaneously and promptly provide liquidity support to any parties involved in bilateral swap arrangements (BSA) at times of emergency;
- ii) To explore the ways for further strengthening surveillance capacity in East Asia, the Group of Experts (GOE) and the Technical Working Group on Economic and Financial Monitoring (ETWG) would be launched. The GOE, composed of several regional professional experts, would serve as an independent economic assessment vehicle for this region. The ETWG would play an important role in developing and spreading the Early Warning System to facilitate early detection of irregularities.
iii) The total swap size has now reached US$75.0 billion, almost doubled from a year ago. Nine BSAs have been revised since last year to enhance the effectiveness of CMI reflecting the Istanbul Agreement.
Looking ahead, we tasked the Deputies to set up a “new task force” to further study various possible options towards an advanced framework of the regional liquidity support arrangement (CMI multilateralization or Post-CMI), based upon their exploration during the past year. Moreover, we instructed the Deputies to enhance the regional surveillance capacities.
2005
The information below is extracted from the Joint Statement of the 8th ASEAN+3 Finance Ministers’ Meeting (May 4, 2005, Istanbul, Turkey). To read the full statement, click here.
On the Chiang Mai Initiative (CMI), we [the Finance Ministers of ASEAN, China, Japan and the Republic of Korea (ASEAN+3)] reaffirmed our resolution to strengthen our self-help and support mechanism in East Asia by making the CMI a more effective and disciplined framework. As a basic principle for the review, we agreed to firmly maintain the CMI’s two core objectives, namely, (1) to address short-term liquidity difficulties in the region and (2) to supplement the existing international financial arrangements.
Taking into account (i) the improvement in our economic and financial situations and (ii) the advancement in our various initiatives for regional financial cooperation, such as regional surveillance and the Asian Bond Markets Initiative, as well as reflecting the existing vulnerabilities in the global financial markets, we agreed upon the following measures to enhance the effectiveness of the CMI as a self-help and support mechanism:
- I) Integration and enhancement of ASEAN+3 economic surveillanceinto the CMI framework to enable early detection of irregularities and swift remedial policy actions, with a view to developing effective regional surveillance capabilities that complements the current undertaking by the International Financial Institutions (IFIs);
- II) Clear-defining of the swap activation process and the adoption of a collective decision-making mechanismof the current network of bilateral swap arrangements (BSA) as a first step of multilateralization so that the relevant BSAs would be activated collectively and promptly in case of emergency; and
III) Significant increase in the size of swaps. The size of the BSAs should be increased by (i) increasing the amount of existing bilateral commitment, (ii) concluding new BSAs, for example, among ASEAN countries, and (iii) transforming one-way BSAs to two-way BSAs. Member countries favored an enhancement of up to 100% increase of the existing individual arrangements while noting that the size could be flexibly decided by bilateral negotiations. In this context, the ASEAN Swap Arrangement has been doubled from US$ 1 Billion to US$ 2 billion.
- IV) Improving the drawdown mechanism. The size of swaps that could be withdrawn without the IMF-supported program would be increased from the current 10% to 20% in order to better cope with sudden market irregularities while the current framework to complement the international financial arrangements and other disciplined conditions would be firmly maintained.
To further enhance the CMI’s effectiveness, we tasked the Deputies to study the various possible routes towards multilateralizing the CMI.
2004
The information below is extracted from the Joint Statement of the 7th ASEAN+3 Finance Ministers’ Meeting (May 15, 2004, Jeju, Korea). To read the full statement, click here.
On the Chiang Mai Initiative (CMI), we [the Finance Ministers of ASEAN, China, Japan and the Republic of Korea (ASEAN + 3)] are pleased to note the continued expansion of its network of bilateral swap arrangements. Since we last met in Makati City in the Philippines, in August 2003, four more Bilateral Swap Agreements (BSAs) have been concluded. That brings the total number of (BSAs) to sixteen, and the size of the network to USD 36.5 billion.
We agreed to undertake further review of the CMI to explore ways of enhancing its effectiveness. A working group will be tasked to conduct the review and report the outcome, by the end of 2004, to our Deputies who will report to us at the next AFMM+3.
2003
The information below is extracted from the Joint Statement of the 6th ASEAN+3 Finance Ministers’ Meeting (August 7, 2003, Makati, Philippines). To read the full statement, click here.
We [the Finance Ministers of ASEAN, China, Japan and the Republic of Korea (ASEAN + 3)] discussed recent economic and financial developments and policies. We also reviewed the progress of regional financial cooperation initiatives, including, the Chiang Mai Initiative (CMI), Monitoring of Capital Flows, the Early Warning System (EWS) and the Asian Bond Market Initiative (ABMI).
On regional financing arrangements, we are pleased to note significant progress since we last met in Shanghai in May 2002. The number of Bilateral Swap Arrangements (BSAs) has doubled from six to twelve, and the size of the network has increased from USD 17 billion to USD 31.5 billion. Four more BSAs (China Indonesia, China-Philippines, Korea-Indonesia and Japan-Singapore)are expected to be concluded before the end of this year.
To strengthen the current peer review process, we agreed to implement the recommendations made by the ASEAN+3 Study Group to Examine Ways of Enhancing the Effectiveness of Economic Reviews and Policy Dialogues.
We also agreed to set up the ASEAN+3 Finance Cooperation Fund (the Fund) to support our on-going economic review and policy dialogue. The Fund would complement our efforts to enhance the effectiveness of our economic surveillance in support of the CMI and the ABMI. The Fund would be administered by the ASEAN Secretariat.
2002
The information below is extracted from the Joint Statement of the 5th ASEAN+3 Finance Ministers’ Meeting (May 10, 2002, Shanghai, China). To read the full statement, click here.
On regional financing arrangement, we are pleased that significant progress has been made in the implementation of the Chiang Mai Initiative. To date, six bilateral swap arrangements (BSAs) between Japan-Korea, Japan-Thailand, Japan-the Philippines, Japan-Malaysia, China-Thailand, and China-Japan with a combined size of USD 17 billion, have been concluded and signed. Negotiations on two BSAs between China-Korea and Korea-Thailand are already at an advanced stage while substantial agreements on the two BSAs between Korea-Malaysia and Korea-the Philippines have been reached. Another four BSAs between Indonesia-Japan, Japan-Singapore, China-Malaysia and China-the Philippines have been initiated. In addition, in line with the Chiang Mai Initiative, the existing swap arrangements between Japan-Korea and Japan-Malaysia have been renewed with the combined size of USD 7.5 billion.
2001
The information below is extracted from the Joint Statement of the 4th ASEAN+3 Finance Ministers’ Meeting (May 9, 2001, Honolulu, USA). To read the full statement, click here.
We are pleased to note the significant progress that has been made in implementing the CMI to further strengthen our self-help and support mechanisms in East Asia. The ASEAN Swap Arrangement, one of the CMI main components, has been enlarged to USD 1 billion effective 17 November 2000 and has as its participants all ASEAN member countries. Regarding the network of bilateral swap arrangements (BSA) and repurchase agreements under the CMI, substantial agreements on the BSA have been reached between Korea-Japan, Malaysia-Japan, and Thailand-Japan. Our senior officials will continue to work towards establishing a network of bilateral swap and repurchase agreement facilities among ASEAN countries, China, Japan and Korea. We agreed that we would review the current main principles of the bilateral swap arrangement under the CMI in three years, taking account of the actual operation of the BSA and other relevant factors. Recognizing the importance of enhanced monitoring of the economic situation in our region in implementing the BSA, we agreed to establish a study group to examine ways of enhancing the effectiveness of our economic reviews and policy dialogues.
2000
The information below is extracted from the Joint Statement of the 3rd ASEAN+3 Finance Ministers’ Meeting (May 6, 2000, Chiang Mai, Thailand). To read the full statement, click here.
In order to strengthen our self-help and support mechanisms in East Asia through the ASEAN + 3 framework, we recognized a need to establish a regional financing arrangement to supplement the existing international facilities. As a start, we agreed to strengthen the existing cooperative frameworks among our monetary authorities through the “Chiang Mai Initiative”. The Initiative involves an expanded ASEAN Swap Arrangement that would include ASEAN countries, and a network of bilateral swap and repurchase agreement facilities among ASEAN countries, China, Japan and the Republic of Korea.