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International relations

ASEAN opens door to yuan and yen for currency safety net

China, Thailand and Indonesia push for alternative to greenback

The dollar may no longer serve as the sole currency for Asia's emergency foreign currency exchange pool as China presses for the yen and yuan's inclusion.   © Reuters

NADI, Fiji -- ASEAN members plus China, Japan and South Korea are considering adding the yuan and yen to their multilateral currency swap deal as they seek to alleviate the framework's reliance on the dollar.

Finance ministers and central bank governors from the countries agreed Thursday to strengthen the framework amid growing concerns about emerging economies awash in speculative money due to accommodative policies around the world. The Association of Southeast Asian Nations and trio are together known as ASEAN+3.

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