Asian nations agree to pursue pooling arrangement of region's foreign exchange reserves

The Jakarta Post

KYOTO, Japan (AP): Asian nations took an ambitious step toward pooling the region's vast foreign currency reserves on Saturday so Asia can weather financial crises like the one that battered the continent a decade ago.

China, Japan, South Korea and the 10-member Association of Southeast Asian Nations agreed that a self-managed "pooling arrangement" was an appropriate way to secure regional liquidity in times of crises.

The countries announced the agreement in a statement issued on the sidelines of the Asia Development Bank meeting in Japan's ancient capital.