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The Establishment of the Chiang Mai Initiative Multilateralization

12.28.2009

Joint Press Release
The Establishment of the Chiang Mai Initiative Multilateralization
28 December 2009

1. The Finance Ministers and Central Bank Governors of the ASEAN Members States, China, Japan and Korea (ASEAN+3) and the Monetary Authority of Hong Kong, China, are pleased to announce the signing of the Chiang Mai Initiative Multilateralization (CMIM) Agreement following the conclusion on all the main components of the CMIM at the ASEAN+3 Finance Ministers’ Meeting (AFMM+3) in May 2009 in Bali, Indonesia

2. The CMIM will strengthen the region’s capacity to safeguard against increased risks and challenges in the global economy. The core objectives of the CMIM are (i) to address balance-of-payments and short-term liquidity difficulties in the region and (ii) to supplement the existing international financial arrangements.

3. The CMIM, with the total size of USD 120,000,000,000 (one hundred and twenty billion), will provide financial support through currency swap transactions to the CMIM participants facing balance-of-payments and short-term liquidity difficulties. Each CMIM participant is entitled, in accordance with procedures and conditions set out in the Agreement, to swap its local currency with the United States Dollars for an amount up to its contribution multiplied by its purchasing multiplier.

Attachment 1     CMIM CONTRIBUTIONS AND PURCHASING MULTIPLES 

 

 

Financial contribution

Purchasing Multiple

USD (billion)

(%)

 

China

38.40

China (Excluding  Hong  Kong, China) 

32.00

28.50

0.5

34.20

Hong Kong, China 

3.50

2.5

4.20

Japan

   38.40

32.00

0.5

Korea

19.20

16.00

1

Plus 3

96.00

80.00

-

Indonesia

    4.77

  3.97

2.5

Thailand

4.77

3.97

2.5

Malaysia

4.77

3.97

2.5

Singapore

4.77

3.97

2.5

Philippines

3.68

3.07

2.5

Vietnam

1.00

0.83

5

Cambodia

0.12

0.10

5

Myanmar

0.06

0.05

5

Brunei 

0.03

0.02

5

Lao PDR

0.03

0.02

5

ASEAN

24.00

20.00

-

Total

120.00

100.00

-

* Hong Kong, China’s purchasing is limited to IMF de-linked portion because Hong Kong, China is not a member of the IMF


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