The People's Bank of China published a readout of Deputy Governor Xuan Changneng’s participation in the ASEAN+3 Finance and Central Bank Deputies’ Meeting in Kuala Lumpur, which reached a series of understandings on deepening regional policy coordination and strengthening the regional financial safety net. Participants also unanimously approved the legal arrangements for making contributions in Chinese yuan (CNY) under the Chiang Mai Initiative Multilateralisation (CMIM). The meeting discussed the impact of United States tariff policy on global and regional macroeconomic conditions, as well as proposals to improve CMIM and the ASEAN+3 Macroeconomic Research Office (AMRO). Alongside the ASEAN+3 session, China, Japan and Korea held a trilateral deputies’ meeting; Xuan highlighted that the People's Bank of China will implement a moderately accommodative monetary policy to support stable financial market functioning amid rising global uncertainty. He also held bilateral talks with senior officials from South Korea’s Ministry of Economy and Finance and Bank of Korea, and with the Monetary Authority of Singapore, exchanging views on the effects of global uncertainty on their economies.
Central Bank of the Republic of China 2025-04-11
People's Bank of China co-chairs ASEAN+3 deputies meeting as members approve legal arrangements for CNY contributions under CMIM
The People's Bank of China reported Deputy Governor Xuan Changneng's participation in the ASEAN+3 Finance and Central Bank Deputies’ Meeting, where agreements were made to enhance regional policy coordination and financial safety nets. Legal arrangements for contributions in Chinese yuan under the Chiang Mai Initiative Multilateralisation were approved. Xuan emphasized China's commitment to a moderately accommodative monetary policy amid global uncertainty.