On May 2, financial leaders of 10 member countries of the association of Southeast Asian Nations (ASEAN) and Japan, China, Korea (also known as ASEAN + 3) met in Fiji to discuss methods. responding to negative impacts from US-China trade stress on economies in this region.
The meeting took place on the sidelines of the Asian Development Bank (ADB) annual meeting at Nadi, Fiji resort.
The meeting was attended by ASEAN + 3 finance ministers and central bank governors.
The discussion also focused on strengthening cooperation between countries to cope with the crisis, including the expansion of currency swap agreements between countries.
According to Kyodo news, ASEAN + 3 countries are discussing the addition of Chinese yuan (NDT) and Japanese yen to the US $ 240 billion foreign currency reserve network to reduce dependence. into the dollar.
In addition, countries also consider strengthening the policy of linking with the International Monetary Fund (IMF) in response to crises.
Earlier, the same day, financial leaders of Japan, China and South Korea had a separate meeting, in which the parties reaffirmed their opposition against protectionism in any form.
Financial officials of the three countries also acknowledged that trade conflicts, weaker consumer demand and global financial conditions did not "smooth out" that the global trading environment was increasingly challenged.
In 2000, ASEAN + 3 countries implemented the Chiang Mai initiative to coordinate the settlement of the balance of payments difficulties and short-term liquidity in the region in order to better respond to similar "shocks". self in Asian financial crisis in 1997.
This is a multilateral currency swap agreement in USD whereby, in the case of a member country experiencing currency fluctuations in the short term, the central bank of other member states will provide loans in USD exchange for the local currency of the country in need
