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ASEAN, Japan and others eye broader currency safety net

Changes to Chiang Mai Initiative would cover natural disasters, pandemics

A proposed revision to the Chiang Mai Initiative would allow currency swaps in times of natural disaster, such as severe flooding that hit Malaysia last year.   © Reuters

TOKYO -- Talks are underway to expand an Asian currency-swapping arrangement for countries in crisis to cover the impact of natural disasters, pandemics and other nonfinancial shocks, Nikkei has learned.

The Chiang Mai Initiative was established in 2000 by Association of Southeast Asian Nation member countries and Japan, China and South Korea as a response to the 1997 Asian financial crisis.

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