South Korea will join the ASEAN+3 Finance and Central Bank Deputies' Meeting in Hong Kong this week to discuss ways to strengthen financial cooperation. The two-day event, starting Wednesday, will include vice finance ministers from South Korea, China, Japan, and ASEAN nations. South Korea's delegation will be led by Deputy Finance Minister Choi Ji-young.
South Korea's Ministry of Economy and Finance announced on Nov. 25 that South Korea, China, Japan, and the Association of Southeast Asian Nations (ASEAN) will hold a meeting of vice finance ministers and senior central bank officials in Hong Kong. The ASEAN+3 Finance and Central Bank Deputies' Meeting is scheduled for two days starting Wednesday, focusing on ways to enhance financial cooperation.
South Korea will send Deputy Finance Minister Choi Ji-young as its chief delegate. Participants are expected to discuss further development of the Chiang Mai Initiative Multilateralization (CMIM), a US$240 billion currency-swap arrangement established in 2010 to provide a financial safety net during crises.
Meanwhile, a planned trilateral vice finance ministers' meeting among South Korea, China, and Japan has been canceled. Such meetings are customarily held alongside ASEAN+3 gatherings.
ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. The meeting is anticipated to contribute to regional financial stability.