Korea, Japan, and China Strengthen Financial Cooperation in ‘Regional Financial Safety Net’

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Korea, Japan and China are working to strengthen financial cooperation between the three countries.

Deputy Prime Minister and Minister of Strategy and Finance Choi Sang-mok and Bank of Korea Governor Lee Chang-yong attended the ‘Meeting of Finance Ministers of Korea, Japan, China and China and Central Bank Governors’ and announced that they had reached this agreement .

Korea, Japan and China agreed to develop a ‘Chiang Mai Multilateralization Initiative’, a multilateral currency exchange aimed at strengthening the financial safety net in the region, and to establish a rapid financing program to improve effectiveness.

In addition, the three countries are said to agree on the need to improve the macroeconomic monitoring and research capabilities of the ASEAN Macroeconomic Monitoring Institute and the development of the regional bond market.

Reporter Hyungmin Moon (moonbro@yna.co.kr)

#Korea, Japan, China #Financial cooperation

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