also can help companies alleviate such funding problems as the lack of available credit in local foreign markets, high interest rates in available markets, foreign-exchange controls and regulations in the countries involved, as well as tax and accounting problems.
Finance ministers from the Association of Southeast Asian Nations agreed with Japan, China and South Korea in early May in Chiang Mai, Thailand to establish bilateral currency swaps
to strengthen their financial systems and prevent future financial crises.
Finance ministers from 13 East and Southeast Asian countries will declare after their meeting Wednesday that good progress has been made toward creating a network of currency swaps
among them, according to a draft of their joint statement.
The Association of Southeast Asian Nations (ASEAN) and its partners Japan, China and South Korea have made good progress on the currency swaps
A fixed-for-floating currency swap
is only one of several variants of currency swaps
Besides the currency swaps
, central banks from Japan to Nigeria have either discussed or agreed with China to hold yuan assets as part of their official foreign exchange reserves.
interest rate and currency swaps
, it does not result in any material change to
Currently triReduce offers compression in cleared and uncleared interest rate swaps (including FRAs and Overnight Index Swaps), cross currency swaps
, credit derivatives and commodity swaps.
Tokyo is now talking with five countries -- Indonesia, the Philippines, Malaysia, Thailand, and Singapore -- to expand or resume bilateral currency swaps
, a finance ministry official said.
Baikenov estimated last year's volume of currency swaps
at more than $7 billion and said this year it had surged to around $5 billion.
The central bank in Brazil sold 10,000 currency swaps
the pricing and valuation of both interest rate and currency swaps