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Hong Kong joins ASEAN+3 foreign currency reserve pool

(Xinhua)
Updated: 2009-05-04 10:34

BALI, Indonesia -- China's Hong Kong Special Administrative Region (HKSAR) will contribute $4.2 billion to a foreign currency reserve pool set up by the Association of Southeast Asian Nations, China, Japan and South Korea (ASEAN+3), according to a statement issued here Sunday.

Finance ministers of ASEAN+3 nations reached the agreement on all main components of regional reserve pool, known as Chiang Mai Initiative Multilateralization (CMIM), and it will be implemented before the end of this year.

"Hong Kong participates in the reserve pool as a monetary administration on its own," Chinese Finance Minister Xie Xuren said at a press conference here. "With Hong Kong's participation, China and Japan contribute equally to the pool."

China and Japan will each contribute $38.4 billion to the pool, while South Korea will contribute $19.2 billion.

"Japan agreed to the decision (of Hong Kong's participation) made by China because we think China's decision is rational and logical," Japanese Finance Minister Kaoru Yosano said.

"As in economic atmosphere, Hong Kong carries very important position for the Asian economy," he said.

"We welcome Hong Kong, China, to participate in the CMIM," said the statement issued after the finance ministers' meeting.

The total size of the CMIM is $120 billion with the contribution portion between ASEAN and the Plus Three countries at 20 percent versus 80 percent.

The CMIM is set up to "address short-term liquidity difficulties in the region and to supplement the existing international financial arrangements," the statement said.