ASEAN+3 finance ministers propose measures to deal with financial crisis
(VOVWORLD) - The ASEAN+3 finance ministers have agreed to consider adding the Japanese yen and Chinese yuan to currency swap arrangements in addition to the US dollar, while rejecting protectionism amid growing US-China trade tensions.
 Finance ministers and central bank governors of ASEAN, China, Japan and the Republic of Korea meets in Fiji. (Photo: VNA) |
Adding local currencies to swap agreements are “one enhancement option”, said a joint statement released following a meeting of finance ministers and central bank governors of ASEAN, China, Japan, and the Republic of Korea (ASEAN+ 3) in Fiji on Thursday.
Japanese finance minister Taro Aso praised the plan, saying it will help countries respond to emergencies. It is unclear, however, whether the US would accept the idea. The delegates said they will “remain vigilant against the downside risks” which regional economies may encounter. They affirmed their commitment to upholding the rules-based multilateral trading system and open regionalism, and resisting all forms of protectionism.