SINGAPORE -- ASEAN and its East Asian partners are considering adding the yen and the yuan to their $240 billion currency swap safety net, a move that would reduce the framework's overreliance on the dollar while increasing China's economic clout.
The 10 members of the Association of Southeast Asian Nations plus China, Japan and South Korea will discuss the proposed change to the Chiang Mai Initiative at a May 2 meeting of finance ministers and central bankers in Fiji.
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