(Bloomberg) -- Asian finance ministers will this week probably agree to pool part of the region's $2.7 trillion in foreign-exchange holdings to prevent a repeat of the crisis that depleted reserves ten years ago.
Japan's Koji Omi, China's Jin Renqing, South Korea's Kwon Okyu and Southeast Asian ministers are meeting at the sidelines of the Asian Development Bank's annual gathering in Kyoto to discuss a plan to combine some of their reserves to be tapped by member nations when needed. The current arrangement, called the Chiang Mai Initiative after the Thai city in which the accord was forged in 2000, only allows for bilateral currency swaps.
Read more at Bloomberg Currencies News
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