Finance ministers of the Association of Southeast Asian Nations, China, Japan and South Korea (ASEAN+3) on Sunday reached here agreement on all main components of regional reserve pool, or CMIM, and will implement it before the end of this year, Xinhua reported.
The agreement on CMIM, Chiang Mai Initiative Multilateralisation, includes the individual country's contribution, borrowing accessibility, and the surveillance mechanism, said a statement issued after the finance ministers' meeting.
The CMIM is set up to address short-term liquidity difficulties in the region and to supplement the existing international financial arragements.
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