ASEAN+3 foreign ministers meeting agrees to foreign exchange reserves build up to shield itself from Euro crisis

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BANGKOK, 11 July 2012 -The ASEAN Plus Three Foreign Ministers’ Meeting concluded yesterday, with an urgent plan to establish a shield to protect East Asian countries from the Euro-debt crisis.

The meeting was held in Phnom Penh, Cambodia, and attended by foreign ministers of the 10 Asean countries and the Plus Three dialogue partners, namely China, Japan and South Korea. It agreed to allow the participating countries to build foreign exchange reserves for other members. The plan is expected to prevent possible slumps in ASEAN currencies and government bonds.

The plan, already agreed upon by the ASEAN Finance Ministers’ meeting in May, also allow the participating countries to mutually provide funds in a bid to prevent the fluctuation of their currencies.