U.S. tightens exports to China's chipmaker SMIC, citing risk of military use

Trade war pushing Asia closer together

In May 2000, Asia took an extraordinary step to protect its financial cooperation from future crises by creating a multilateral currency swap system. It was a response to Asia’s 1997 meltdown, and a wise one. A decade later, Japan, China, South Korea and 10 Southeast Asian nations were putting real money behind the enterprise, pooling US$120 billion worth of foreign-exchange reserves. […]