In 2000 ASEAN along with China, Japan and South Korea launched a multilateral arrangement of currency swaps, the Chiang Mai Initiative.

ECONOMIST: Regional economic integration has a long, long way to go

The first go at co-operation, the Chiang Mai Initiative of 2000, was to expand and formalise a network of bilateral swap agreements between central banks, under which they promised to provide each other with liquidity.

ECONOMIST: Banyan