Chiang Mai Initiative

Definitions

Economics

  • An agreement in 2000 among the "ASEAN+3" countries (ASEAN plus China, Japan, and S. Korea) to cooperate in four main areas: monitoring capital flows, regional surveillance, swap networks, and training personnel.

Forex

  • A currency swap agreement among the member nations of the Association of Southeast Asian Nations (ASEAN), established in March of 2010 to facilitate the resolution of liquidity problems and the execution of fiscal policy. This multilateral currency swap arrangement allows for the conversion of components of loans, such as the principal or interest, between two currencies of member nations.
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