Chiangmai Initiative Multilateral formal contract size of 120 billion U.S. dollars

Chiangmai Initiative multilateralism formally signed after the May 2009 ASEAN-China-Japan-ROK finance ministers agreed on the main elements of the Chiangmai initiative multilateralism, 10+3 finance ministers and central bankers and the chief executive of the Hong Kong Monetary Authority announced the formal signing of the Chiangmai Initiative Multilateral Agreement.　　Chiangmai initiative multilateralism will strengthen the region's capacity to prevent and respond to challenges, with the core objectives of: (1) addressing balance-of-payments and short-term activities in the region, and (2) complementing existing international financing arrangements. The Chiangmai initiative, with a total scale of 120 billion dollars, will provide financial support to multilateral participants in the Chiangmai initiative, which face balance-of-payments and short-term activity difficulties, through currency swap transactions.　　Each Party shall have the right to exchange its own currency with the United States dollar in accordance with the procedures and conditions stipulated in the Agreement and in the amount of its share of contributions multiplied by the specific borrowing multiplier (see annex for details). Annex: Chiangmai Initiative multilateral share and borrowing multiplier share borrowing multiplier US $ (1 billion) (%) China 38.4 China (excluding Hong Kong, China) 34.2032.0028.500.5 China Hong Kong 4.203.502.5* Japan 38.4032.000.5 Korea 19.2016.001+396.0080.00- Indonesia 4.773.972.5 Thailand 4.773.972.5 Malaysia 4.773.972.5 Singapore 4.773.972.5 Philippines 3.683.072.5 Vietnam 1.000.835 Cambodia 0.120.105 Burma 0.060.055 Brunei 0.030.025 Laos 0.030.025 ASEAN 24.0 020.00-Total 120.00100.00-* Since Hong Kong, China, is not a member of the IMF, its borrowings are limited to the decoupling part of the IMF loan.