Asian Currency Crisis Plan Hits Trouble
MARKET NEWS
KUALA LUMPUR -- A planned currency swap agreement among 13 Asian nations that aims to prevent future financial crises in the region was dealt a blow last week.
The plan -- dubbed the Chiang Mai Initiative after the Thai city where the agreement was signed last May -- hit problems due to the reluctance of Malaysia to allow the International Monetary Fund (IMF) a role in the scheme.
Malaysian officials are reportedly concerned that the IMF may tie the initiative to reforms supervised by the fund
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