Korea to attend ASEAN-plus-3 vice finance ministers' meeting in Malaysia

The headquarters of the Ministry of Economy and Finance in Sejong / Yonhap

Korea, China, Japan and the Association of Southeast Asian Nations (ASEAN) will hold a meeting of vice finance ministers and senior central bank officials in Kuala Lumpur this week to discuss their multilateral currency swap agreement and explore ways to enhance financial cooperation, Seoul's finance ministry said Monday.

The ASEAN+3 Finance and Central Bank Deputies' Meeting will take place in the Malaysian capital on Tuesday and Wednesday, during which senior officials will review key agenda items for the upcoming meeting among their finance ministers scheduled to be held in Italy on May 4, according to the Ministry of Economy and Finance.

Korea will send Deputy Finance Minister Choi Ji-young to this week's meeting as its chief delegate, it added.

On the table will be how to better develop their Chiang Mai Initiative Multilateralization (CMIM), a US$240 billion pool launched in 2010 that can be tapped through currency swap deals in times of financial crises.

A currency swap is a tool meant to defend against financial turmoil by allowing a country beset by a liquidity crunch to borrow money from others with its own currency.

The participants will also exchange views on the global and regional economic situation and policy responses, the ministry said.

ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. (Yonhap)