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China, Japan, S Korea reach agreement on reserve pool

(Xinhua)
Updated: 2009-05-03 10:33

BALI, Indonesia -- China, Japan, and South Korea have reached an agreement on the distribution ratio of a US$120 billion regional foreign-exchange reserve pool plan here on Sunday.

Chinese Finance Minister Xie Xuren (L) poses for a group photo with his Japanese counterpart Kaoru Yosano (C) and his South Korean counterpart Yoon Jeung-hyun before their meeting in Bali, Indonesia, on May 3, 2009. [Xinhua]

China, Japan, and South Korea will contribute to the pool on a 2:2:1 ratio, namely US$38.4 billion from China and Japan each and US$19.2 billion from South Korea.

Related readings: Key Asian nations set up $120 billion crisis fund

The agreement on the reserve pool, established to help countries tackle a possible foreign capital flow shortage, was reached at a meeting of finance ministers of the three countries on Sunday.

At the meeting, the ministers vowed to enhance regional economic and financial cooperation under current circumstances, and make due efforts to the regional financial stability and economic revival.

The committed contribution from the three countries made up 80 percent of the US$120 billion dollars pool.

Financial ministers from the Association of Southeast Asian Nations (ASEAN) and Japan, China and South Korea (10+3) decided in February to increase the size of the reserve pool to US$120 billion from US$80 billion.

The reserve pool was established on basis of Chiang Mai initiative, a bilateral currency swap arrangement introduced in May 2007.

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