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Asia's multilateral currency swap to be launched this week.
Text of report in English by South Korean news agency Yonhap
SEOUL, March 23 (Yonhap) - A US$120 billion regional currency swap fund involving 13 Asian countries including South Korea, Japan and China will be launched this week, Seoul officials said Tuesday.
The pool of currency swap funds under the Chiang Mai Initiative (CMI) will be officially launched on Wednesday, providing an additional buffer for members against a future liquidity crisis, according to the officials.
The CMI currency swap scheme was agreed to by 13 Asian countries in the aftermath of the 1997-98 Asian financial crisis and allows financially-troubled countries to borrow foreign currency …
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