The Chiang May initiative became at the ASEAN plus three meeting of the Ministers of Finance to 6. May 2000 in Chiang May, Thailand discharges. The initiative covers the extension of the regulations within the ASEAN states on all member countries of the ASEAN plus three, thus the admission of Japan, the VR China and South Korea into the existing network. The initiative is to supplement international agreements such as emergency credits of the International Monetary Fund. It serves as a regional financial reserve mechanism, in order to avoid a developing or the expansion a financial crisis, as for instance in the Asia crisis. At that time substantial speculations had led against the Indonesian Rupiah and the Thai Baht, connected with a sudden retreat from short term speculation capital to an abrupt crash of these and other asiatic currencies.

Articles in category "Chiang May initiative"

We found here 9 articles.