Amended Chiang Mai agreement doubles currency swap
The People's Bank of China said on Friday that the Chiang Mai Initiative Multilateralisation (CMIM) Agreement will be doubled to 240 billion U.S. dollars after an amendment.
The amended agreement came into effect on 17 July, the central bank said in a statement.
The CMIM agreement is a multilateral currency swap contract which covers all ASEAN nations, China, Japan and South Korea. It first came into effect in 2010.
The amendment will strengthen the regional safety net for the CMIM participants in responding to potential or actual balance-of-payments and short-term liquidity difficulties, according to the statement.
