Financial Markets
Real Estate
Local listed Company
Overseas-listed Company
Foreign Company
Industrial Parks

Financial Market
 Search News  Or
China to contribute US$38.4 bln to regional forex reserve pool

Dec. 29, 2009 (China Knowledge) - The People's Bank of China, the central bank, yesterday said that China, Japan, and South Korea have finalized plans for a US$120-billion regional foreign-exchange reserve pool designed to help Asian countries deal with a possible foreign capital flow shortage, sources reported.

China and Japan will each contribute US$38.4 billion, while South Korea will contribute US$19.2 billion. The total from the three nations will account for 80% of the US$120-billion reserve pool. The remaining 20% will come from the 10 members of the Association of Southeast Asian Nations.

The pool is being formed in accordance with the Chiang Mai Initiative, a multilateral currency swap arrangement among China, Japan, South Korea and ASEAN members.

Asian countries currently hold two thirds of the world's foreign exchange reserves, which total US$55 trillion. These countries have suffered a huge loss from the depreciation of the U.S. dollar during the global financial crisis.

Copyright © "2013"

Send feedback or comments to:

For more news, financial weekly reports, business guides to China, Market Research Reports and other premium information, subscribe to China Knowledge today

To access our page on Bloomberg, type CKFI (GO)

 Our Professional Services
 News Archive
About Us | CSR | Media Center | E-Newsletter | E-Store | Contact Us | Feedback | Sitemap | Privacy Policy | Terms of Use  

           Copyright © 2014 China Knowledge Online. All Rights Reserved