1. We, the Finance Ministers and Central Bank Governors of the ASEAN Members States, China, Japan and Korea (ASEAN+3) and the Monetary Authority of Hong Kong, China, are pleased to announce the signing of the Chiang Mai Initiative Multilateralization (CMIM) Agreement following the conclusion on its main components at the ASEAN+3 Finance Ministers’ Meeting (AFMM+3) in May 2009 in Bali, Indonesia
2. At this opportunity, we reiterate the importance of the CMIM in strengthening the region’s capacity to safeguard against increased risks and challenges in the global economy. The core objectives of the CMIM are (i) to address balance of payment and short-term liquidity difficulties in the region and (ii) to supplement the existing international financial arrangements.
3. The CMIM, with the total size of USD 120,000,000,000 (one hundred and twenty billion), will provide financial support through currency swap transactions to CMIM parties facing balance of payments and short-term liquidity difficulties. Each CMIM party is entitled, in accordance with procedures and conditions set out in the Agreement, to swap its local currency with the United States Dollars for an amount up to its contribution multiplied by its respective purchasing multiplier.












