Revised Regional Currency Swap Arrangement Takes Effect

On November 11, 2026, the revised Chiang Mai Initiative Multilateralization (CMIM) took effect, as announced by the Bank of Korea (BOK). This multilateral currency swap arrangement involves South Korea, China, Japan, and the Association of Southeast Asian Nations (ASEAN).

The revision was finalized after all 13 member countries of the ASEAN+3 group completed their internal procedures. This agreement was initially endorsed during the ASEAN+3 Finance Ministers' and Central Bank Governors' Meeting held in May 2025.

One significant feature of the revised CMIM is the introduction of the Rapid Financing Facility (RFF), which aims to provide immediate financial assistance to member countries facing urgent balance of payments challenges. This facility is crucial for enhancing financial stability in the region during times of crisis.

The CMIM, established in 2010, serves as a safety net for member economies, allowing them to access liquidity in times of financial distress. The total pool of the CMIM amounts to $240 billion, with South Korea contributing approximately $38.4 billion.

This development is expected to strengthen regional cooperation and enhance financial stability among the member nations, particularly in light of ongoing global economic uncertainties.