Chiang Mai currency swap deal comes to life

The Chiang Mai agreement, a currency swap between the 10 Association of Southeast Asian Nations (Asean) member countries, China, Hong Kong, Japan and Korea, has gone live. The agreement, which was signed at the end of last year, is a step up from the existing bilateral currency swap network, as it will “further enhance regional capacity to safeguard against downside risks and challenges in the global economy”, according to the Hong Kong Monetary Authority (HKMA).

The initiative, which is aimed

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