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Hong Kong SAR joins ASEAN+3 foreign currency reserve pool

Source: Xinhua | 05-04-2009 08:48

BALI, Indonesia, May 3 (Xinhua) -- China's Hong Kong Special Administrative Region (HKSAR) will contribute 4.2 billion U.S. dollars to a foreign currency reserve pool set up by the Association of Southeast Asian Nations, China, Japan and South Korea (ASEAN+3), according to a statement issued here Sunday.

Finance ministers of ASEAN+3 nations reached the agreement on all main components of regional reserve pool, known as Chiang Mai Initiative Multilateralization (CMIM), and it will be implemented before the end of this year.

"Hong Kong participates in the reserve pool as a monetary administration on its own," Chinese Finance Minister Xie Xuren said at a press conference here. "With Hong Kong's participation, China and Japan contribute equally to the pool."

China and Japan will each contribute 38.4 billion U.S. dollars to the pool, while South Korea will contribute 19.2 billion dollars.

"Japan agreed to the decision (of Hong Kong's participation) made by China because we think China's decision is rational and logical," Japanese Finance Minister Kaoru Yosano said.

"As in economic atmosphere, Hong Kong carries very important position for the Asian economy," he said.