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China, South Korea, Japan jointly rescue package
Published on: 2008-10-10
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, South Korea and Japan are considering pooling their foreign exchange reserves and setting up an 80 billion USD fund to cope with the fallout from the deteriorating global financial crisis led by the U.S., sources reported. 80% of the proposed 80 billion USD fund will be financed by the three countries, while the remaining to be funded by members from the Association of South East Asian Nations, according to sources. China and Japan together hold nearly 3 trillion USD in foreign exchange reserves, while Korean's foreign exchange reserves hit nearly 240 billion USD.
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