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Forex

Asian nations eye stronger defense against currency turmoil

Bigger dollar swap pact on the table for discussion in 2017

A stronger dollar may roil Asian currency markets in 2017.

TOKYO -- Asian countries are looking to do more to prevent another currency crisis by expanding a multilateral swap arrangement that they can tap at short notice by $24 billion sometime this year.

Japan, China, South Korea and the Association of Southeast Asian Nations, collectively known as the ASEAN+3, will discuss the expansion of the Chiang Mai Initiative, an emergency dollar liquidity facility created after the 1997 Asian currency crisis. The annual meeting of the Asian Development Bank and a meeting of ASEAN+3 finance ministers, both of which are to be held in Yokohama in May, likely will provide an opportunity for such discussions.

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