Japan, RP close to forex swap agreement<\/p>\n
TOKYO (Dow Jones): Japan and the Philippines are in the final
\nstages of agreeing on a bilateral foreign exchange swap agreement
\naimed at reinforcing financial stability in Asia, Japanese
\nMinistry of Finance officials said Wednesday.<\/p>\n
A final agreement on the currency swap deal may come as early
\nas next month, and \"we will most likely have a deal by summer,\" a
\nsenior ministry official told Dow Jones Newswires, though he
\ndeclined to comment on the amount of the deal.<\/p>\n
The agreement with the Philippines is part of the so-called
\nChiang Mai Initiative, which is aimed at setting up a regional
\ncurrency network to prevent the recurrence of the 1997 Asian
\ncurrency crisis.<\/p>\n
The plan aims to link the international reserves of the 10
\nAssociation of Southeast Asian Nations countries - Brunei,
\nCambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines,
\nThailand, Singapore and Vietnam - with the three countries of
\nJapan, South Korea and China through a set of bilateral foreign
\nexchange deals.<\/p>\n
In May, Japan confirmed a US$3 billion bilateral swap
\nagreement with Thailand, a $2 billion deal with South Korea and a
\n$1 billion agreement with Malaysia when the so-called Asean-plus-
\nthree finance ministers met in Hawaii, on the sidelines of the
\nannual meeting of the Asian Development Bank.<\/p>\n
In addition to the Philippines, Japan is also in the midst of
\nnegotiating a bilateral agreement with China, the officials said.<\/p>\n
Though Japan has laid the initial groundwork for a deal with
\nChina, negotiations still need to be conducted internally within
\nChina, the senior official said. The talks are still in progress.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/japan-rp-close-to-forex-swap-agreement-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}