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China lobbies ASEAN on yuan use, cracking dollar dominance

Beijing proposes Asian currencies, including yen, be added to emergency pool

Including yen and yuan in the Chiang Mai Initiative currency swap framework would reduce Asia's reliance on the dollar in the event of another crisis.   © Reuters

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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