Posted inChina, United States, World

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. […]