This so called CMIM " is not supposed " to include the DEVELOPED ECONOMIES especially JAPAN and SOUTH KOREA which are close U.S. ALLIES... CHINA nad HONG KONG are under the COMMUNIST PARTY OF CHINA according to the PRC Constitution . The ASEAN or South east Asian countries -bloc cannot have economic cooperation with non-U.S. allies.
" the U.S. cannot have trade relations with the Communist Party of China especially Hong Kong because it already gave too much REWARD to Beijing despite HUMAN RIGTS ABUSES committed by the Communist government. "
Japan and South Korea shouldn't be trading with China only with the ASEAN country-bloc excluding_____Hong Kong and Taiwan, which are already considered part of the Communist China rule.
SEOUL, SOUTH KOREA: East and South-east Asian economies yesterday said they will launch a US$120 billion (S$168 billion) emergency fund in March, the first such alliance in the region, to shield themselves from a financial crisis.
Under the scheme, known as the Chiang Mai Initiative Multilateralisation (CMIM), Japan, China, South Korea, Hong Kong and the 10 members of the Association of South-east Asian Nations (Asean) can swap their own currencies into United States dollars in case of a liquidity crunch.
'The core objectives of the CMIM are to address balance of payment and short-term liquidity difficulties in the region and to supplement the existing international financial arrangements,' a joint statement said.
The four non-Asean members committed the bulk of money to the fund, to be launched on March 24. The move comes as Asian economies lead the world out of the worst economic downturn in decades and amid increasing calls for global economic diplomacy.