Finance ministers from 13 Asian nations meeting in Madrid have agreed to set up a foreign exchange pool of at least 52 billion euros to be used in the event of another regional financial crisis like the one ten years ago.
In a statement, they said China, Japan and South Korea will contribute 80 percent of the funds. The rest would come from the ten members of the Association of Southeast Asian Nations or ASEAN. The agreement came after talks on the sidelines of the Asian Development Bank's annual meeting. The group says the region can be endangered by market turmoil, as well as rises in oil and commodity prices.
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