People's Bank of China: Chiangmai Initiative multilateral formal signing

Xinhua Beijing, December 28, according to the PBOC website news, following the May 2009 ASEAN and China-Japan and South Korea (10+3) finance ministers to the Chiangmai initiative of the main elements of the resonance, 10+3 finance ministers and central bank governors and Hong Kong Financial Management Bureau 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 the contribution to be multiplied by the specific borrowing multiplier.