|
|
China, Japan, S Korea reach agreement on distribution ratio of regional reserve pool
|
China, Japan, and South Korea have reached an agreement on the distribution ratio of a 120-billion-U.S. dollar regional foreign-exchange reserve pool plan in Bali, Indonesia on Sunday.
China, Japan, and South Korea will contribute to the pool on a 2:2:1 ratio, namely 38.4 billion U.S. dollars from China and Japan each and 19.2 billion from South Korea.
The agreement on the reserve pool, established to help countries tackle a possible foreign capital flow shortage, was reached at a meeting of finance ministers of the three countries on Sunday.
Chinese Finance Minister Xie Xuren (L) poses for a group photo with his Japanese counterpart Kaoru Yosano (C) and his South Korean counterpart Yoon Jeung-hyun before their meeting in Bali, Indonesia, on May 3, 2009. (Xinhua Photo)
At the meeting, the ministers vowed to enhance regional economic and financial cooperation under current circumstances, and make due efforts to the regional financial stability and economic revival.
The committed contribution from the three countries made up 80 percent of the 120-billion-U.S. dollars pool.
Financial ministers from the Association of Southeast Asian Nations (ASEAN) and Japan, China and South Korea (10+3) decided in February to increase the size of the reserve pool to 120 billion U.S. dollars from 80 billion.
The reserve pool was established on basis of Chiang Mai initiative, a bilateral currency swap arrangement introduced in May 2007.
Chinese Finance Minister Xie Xuren (Front) attends a meeting with his Japanese counterpart Kaoru Yosano and his South Korean counterpart Yoon Jeung-hyun in Bali, Indonesia, on May 3, 2009.(Xinhua Photo)
Chinese Finance Minister Xie Xuren (the Left Desk) attends a meeting with his Japanese counterpart Kaoru Yosano (the Right Desk) and his South Korean counterpart Yoon Jeung-hyun (the Back Desk) in Bali, Indonesia, on May 3, 2009. (Xinhua Photo)
|
| Your Message: |
Most Popular Photos |
|
Comment
Tell A Friend
Print Format
Save Article