29 mar. 2012

Who needs the Dollar:Asia Pacific countries double size of currency swaps - Russia to trade with India in Local currencies

March 29, 2012 | 0800 GMT
Thirteen East Asian countries will double the scope of a regional currency swap arrangement to $240 billion to deal with a potential regional financial crisis, officials from finance ministries and central banks agreed March 28, Mainichi Japan reported March 29, citing unnamed sources. Each country's contribution will be doubled under the Chiang Mai Initiative Multilateralization scheme. Eighty percent of the funding will continue to derive from Japan, China and South Korea, with the rest coming from ten members of the Association of Southeast Asian Nations.

March 29, 2012 | 0719 GMT
Russia and India will begin trading in domestic currencies in three years, Vladimir Dimitriev, the chairman of Russia's VEB bank, said March 29, Reuters reported. Dimitriev said Russia is considering trading in domestic currencies with BRIC partners.

Source : Startfor