Chiang Mai Multilateral Currency Swap Mechanism Expanded
ANBOUND
In recent years, China has taken a lot of actions on the building of bilateral, multilateral and regional financial security networks. Recently, the central bank of China stated that the amended Chiang Mai Initiative Multilateralization formally took effect. ANBOUND research team thinks that the further expansion of the funds of Chiang Mai Initiative Multilateralization, as well as its larger scale compared to other currency swap mechanisms that haven't been implemented yet, shows that China attaches more importance to the building of financial security responsibility mechanism in neighboring regions since these are inseparable from the unique contribution of China who has a huge amount of foreign reserve. This is consistent with Chinese policies on diplomacy and economic and trade cooperation.