South Korea’s Ministry of Economy and Finance published the outcomes of the year’s first Korea–China–Japan Finance and Central Bank Deputies’ Meeting and the ASEAN+3 Finance and Central Bank Deputies’ Meeting, held by videoconference on 8 April after an in-person meeting in Manila was switched online due to the Philippines’ declaration of a national energy emergency. Discussions focused on the economic impact of the Middle East war and on regional financial cooperation, including reforms to the Chiang Mai Initiative Multilateralisation (CMIM) and planning for the next phase of the Asia Bond Market Initiative (ABMI). At the Korea–China–Japan meeting, Moon Ji-sung chaired a discussion on shared assessments of spillovers from the Middle East conflict and proposed real-time sharing of national response measures given the common risk facing the three countries. In the ASEAN+3 session, AMRO, the International Monetary Fund and the Asian Development Bank presented regional risk assessments centred on energy price and supply instability, calling for targeted and timely fiscal support for vulnerable groups, cautious monetary policy responses and diversification of energy supply chains. Japan proposed an additional deputies meeting ahead of the May ministerial-level meeting to revisit rapidly changing conditions. Korea outlined its own response measures, including a maximum price scheme for petroleum products and a KRW 26.2 trillion supplementary budget without issuing deficit bonds, and urged accelerated work on green transition and broader supply-chain diversification. On financial cooperation, members prioritised discussion of restructuring CMIM from a multilateral currency-swap arrangement toward a paid-in capital model, exchanging views on key principles for the legal entity that would manage paid-in capital and agreeing to report progress to the May Finance Ministers and Central Bank Governors’ meeting. The deputies also discussed preparations for the 2027–2030 ABMI roadmap, with Korea arguing it should reflect financial digitalisation, and a Korea-led digital finance workstream presented analysis of risk factors that could trigger a digital finance crisis. Items discussed at the deputies level are expected to be finalised at the May Korea–China–Japan and ASEAN+3 ministerial and governors meetings in Samarkand, Uzbekistan.
Ministry of Economy & Finance (South Korea) 2026-04-09
South Korea's Ministry of Economy and Finance reports Korea–China–Japan and ASEAN+3 deputies meetings advanced CMIM paid-in capital reform talks and stepped up coordination on Middle East war risks
South Korea’s Ministry of Economy and Finance reported on the Korea–China–Japan and ASEAN+3 Finance and Central Bank Deputies’ Meetings, which focused on spillovers from the Middle East conflict, energy price and supply risks, and coordinated policy responses including targeted fiscal support, cautious monetary policy and energy supply-chain diversification. Deputies also advanced regional financial cooperation, prioritising reforms to shift the Chiang Mai Initiative Multilateralisation toward a paid-in capital model and preparations for the 2027–2030 Asia Bond Market Initiative roadmap.