Finance ministers and central bank governors discuss local currency contribution

아시아국 경제위기때 역내 통화로도 자금 지원 추진Finance ministers and central bank governors of South Korea, China and Japan gathered along with ASEAN members to discuss injecting local currency into the region when in financial crises. South Korea's foreign minister also announced said he will tour major conglomerates in the nation over the next two months to encourage them to invest more.Our Cha Sang-mi has the details. South Korea, China and Japan signed a joint statement with the members of ASEAN to enhance the Chiang Mai Initiative Multilateralization, or CMIM, in a bid to secure regional financial stability. The CMIM, which is linked to the IMF, is set of bilateral currency-swap arrangements established in May 2000 that provide emergency infusions of currency to member countries suffering from liquidity crises. It followed a meeting between the finance ministers and central bank governors of the three nations, during which they welcomed the idea of local currency contribution and reaffirmed their commitment to resist all forms of trade protectionism.The three financial authorities discussed upholding an open and rule-based multilateral trade and investment system,... as well as accelerating intra-regional trade and investment activities. Meanwhile, in line with the government's efforts to boost the nation's economy, South Korean Finance Minister Hong Nam-ki announced he will tour conglomerates over the next two months to drum up support for government policy.Speaking to reporters on the sidelines of the meetings Thursday... Hong said conglomerates should expand investment to overcome the economic woes at hand.The minister's remark come after data released by the central bank last week, showed the lowest ever quarterly gross domestic product since the 2008 financial crisis.As for trade, Hong expressed concern that Korean-made cars could become the target of U.S. import tariffs and said the ministry is looking into ways to address any emergencies.Cha Sang-mi, Arirang News.