OREANDA-NEWS. July 31, 2014. 1. The amended Chiang Mai Initiative Multilateralisation (CMIM) Agreement, which is a regional financial cooperation among 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, has come into effect.

The CMIM, a multilateral currency swap contract which covers all ASEAN+3 members, is developed from the original CMI bilateral swap network. CMIM Agreement came into effect on 24 March 2010.

2. Key points of the amendment to strengthen the CMIM are as follows.

- To double its total size of USD 240 billion (two hundred and forty billion) from USD 120 billion (one hundred and twenty billion)

- To introduce CMIM Precautionary Line

- To increase the IMF de-linked portion from 20% to 30%

3. This amendment will strengthen the regional safety net for the CMIM participants in responding to potential or actual balance-of-payments and short-term liquidity difficulties.