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1 year Chinese + 2 years Japanese = 1st term of the head of Asian IMF [Copy link] 中文

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Post time 2011-4-26 09:52:58 |Display all floors
1 year Chinese + 2 years Japanese = 1st term of the head of Asian IMF

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Rank: 8Rank: 8

Gold Medal September's Best Writer 2012

Post time 2011-4-26 10:01:00 |Display all floors
While Japan and China had been competing to see which would hold the seat, the two nations decided to share the three-year term.

According to an agreement between Japan and China, after Wei Benhua, a Chinese, serves as the ASEAN+3 Macroeconomic Research Office (AMRO) head for a year, Yoichi Nemoto, a Japanese, will serve out the remaining two years of the term.  

AMRO will serve as a monitoring body for the regional economy composed of Japan, China, South Korea and the 10 members of the Association of Southeast Asian Nations.

AMRO headquarters will be established in Singapore and will provide economic data that will serve as a reference in deciding to implement the Chiang Mai Initiative (CMI), a regional framework created to provide dollars to countries that fall short of reserves.

The CMI has been referred to as the Asian IMF. Japan has set aside reserves of $38.4 billion, the same amount contributed by China and Hong Kong.



from asahi

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