5 Questions
What was the intended purpose of the 2000 ASEAN+3 Chiang Mai Initiative (CMI)?
To promote regional cooperation through bilateral currency swap agreements
Why was the proposed Asian Monetary Fund abandoned during the 1997–8 crisis?
Due to intense US opposition
What is the primary source of the total commitments for the new accord CMIM?
PRC, Japan, and South Korea
What function will be allotted to CMIM according to the agreement by ASEAN+3 finance ministers?
An independent surveillance process preceding drawings or advances
What is a key requirement for the resources allotted to CMIM to be credible?
To be separated from existing national resources and beyond collaborative arrangements
Learn about the regional monetary cooperation in Asia, including the ASEAN+3 short-term credit lines, the Asian Monetary Fund proposal, and the ASEAN+3 Chiang Mai Initiative.
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