The People's Bank of China reported on Governor Pan Gongsheng’s participation in the ASEAN+3 (10+3) finance ministers and central bank governors’ meeting in Milan, where he co-chaired discussions that reached agreement on steps to strengthen the regional financial safety net. The meeting unanimously approved arrangements to establish a new rapid financing tool under the Chiang Mai Initiative Multilateralisation (CMIM) funded by renminbi and other freely usable currencies. Discussions covered the impact of US tariff policy on global and regional macroeconomic conditions and work to enhance CMIM and the ASEAN+3 Macroeconomic Research Office (AMRO), with participants agreeing a series of understandings on deepening intra-regional policy coordination and reinforcing the regional financial backstop. Pan argued that adding a non-USD, freely usable currency contribution option expands CMIM’s usable resources and reflects progress in regional currency diversification; the meeting also reached consensus to continue exploring and improving CMIM paid-in capital arrangements based on an International Monetary Fund model. Alongside the main meeting, China, Japan and Korea held a trilateral finance and central bank governors’ meeting, and Pan held bilateral talks with Japan’s finance minister Kato, Bank of Korea Governor Lee Chang-yong and Malaysia’s central bank governor Rasheed. Participants also set the direction for the next stage of discussions on CMIM institutionalisation, and China and Malaysia, as the 2025 ASEAN+3 joint chairs, briefed media on the agreed outcomes.
Central Bank of the Republic of China 2025-05-05
People's Bank of China co-chairs ASEAN+3 agreement to create a renminbi-funded rapid financing tool under the Chiang Mai Initiative Multilateralisation
The People's Bank of China reported that Governor Pan Gongsheng co-chaired the ASEAN+3 finance ministers and central bank governors’ meeting in Milan, agreeing to establish a new rapid financing tool under the Chiang Mai Initiative Multilateralisation (CMIM). Discussions included US tariff policy impacts and enhancing CMIM and the ASEAN+3 Macroeconomic Research Office, with consensus on deepening intra-regional policy coordination. China, Japan, and Korea also held a trilateral meeting, and Pan engaged in bilateral talks with key regional counterparts.