Group 1 - The 28th ASEAN Plus Three (10+3) Finance Ministers and Central Bank Governors Meeting was held on May 4 in Milan, Italy, focusing on global and regional macroeconomic conditions and financial cooperation [1] - The meeting resulted in a joint statement emphasizing the need for deeper policy coordination and strengthening the regional financial safety net [1] - China announced a donation of $4 million to the AMRO China Technical Assistance Trust Fund to support macroeconomic monitoring and financial stability capacity building among regional members [1] Group 2 - A new rapid financing tool funded by freely usable currencies like the Renminbi was established under the CMIM, marking a significant step towards diversifying the international monetary system in the region [2] - The meeting highlighted the rising economic and financial risks faced by the 10+3 region, underscoring the importance of enhancing the Chiang Mai Initiative mechanism and regional financial safety nets [2] - The introduction of this financing tool expands the resources available under the Chiang Mai Initiative and reflects the region's unique characteristics [2]

Core Viewpoint - The meeting of ASEAN+3 finance ministers and central bank governors highlighted the need for enhanced regional financial cooperation and the introduction of rapid financing tools using freely usable currencies like the Renminbi, marking a significant step towards diversifying the international monetary system [1][2]. Group 1 - The People's Bank of China Governor Pan Gongsheng emphasized the rising economic and financial risks in the ASEAN+3 region due to unilateralism and global economic uncertainties [2]. - A consensus was reached to explore and improve the capital contribution scheme of the Chiang Mai Initiative based on the International Monetary Fund (IMF) model, laying a solid foundation for the mechanism's effectiveness [2]. - The introduction of rapid financing tools funded by freely usable currencies is seen as a breakthrough, expanding the resources available under the Chiang Mai Initiative and reflecting regional characteristics [2]. Group 2 - The meeting also included discussions among China, Japan, and South Korea regarding economic conditions and regional financial cooperation, with calls for unity in response to U.S. tariff impacts [2]. - Pan Gongsheng shared insights on China's macroeconomic policies during bilateral talks with finance ministers and central bank governors from Japan, South Korea, and Malaysia [2].

Core Viewpoint - The meeting highlighted the importance of enhancing the Chiang Mai Initiative Multilateralization (CMIM) mechanism and strengthening the regional financial safety net in response to rising economic and financial risks in the 10+3 region due to unilateralism and global economic uncertainties [2]. Group 1 - The meeting, attended by the Governor of the People's Bank of China, Pan Gongsheng, focused on the impact of U.S. tariff policies on the global and regional macroeconomic landscape [1]. - A consensus was reached to introduce a rapid financing tool funded by freely usable currencies like the Renminbi, which expands the resources available under the CMIM and signifies progress towards a diversified international monetary system [2]. - The meeting also discussed the exploration and improvement of the CMIM capital contribution scheme based on the International Monetary Fund (IMF) model, laying a solid foundation for the mechanism's effectiveness and regional stability [2]. Group 2 - Pan Gongsheng emphasized the need for regional countries to unite in response to U.S. tariff impacts and shared China's macroeconomic policies during bilateral discussions with finance ministers and central bank governors from Japan, South Korea, and Malaysia [2]. - Following the meeting, a joint press conference was held by China and Malaysia, who are the joint chairs of the 10+3 for 2025, to present the cooperation outcomes achieved during the discussions [2].

Core Viewpoint - The meeting highlighted the importance of enhancing the Chiang Mai Initiative Multilateralization (CMIM) mechanism and strengthening the regional financial safety net in response to rising economic and financial risks in the 10+3 region due to unilateralism and global economic uncertainties [2]. Group 1 - The meeting, attended by the Governor of the People's Bank of China, Pan Gongsheng, focused on the impact of U.S. tariff policies on the global and regional macroeconomic landscape [1]. - A consensus was reached to establish a rapid financing tool funded by freely usable currencies like the Renminbi under the CMIM framework, marking a significant step towards the diversification of the international monetary system [2]. - The meeting also discussed the exploration and improvement of the CMIM capital contribution scheme based on the International Monetary Fund (IMF) model, laying a solid foundation for the mechanism's effectiveness and regional stability [2]. Group 2 - Pan Gongsheng emphasized the need for regional countries to unite in response to the impacts of U.S. tariffs and shared China's macroeconomic policies during bilateral discussions with finance ministers and central bank governors from Japan, South Korea, and Malaysia [2]. - Following the meeting, a joint press conference was held by China and Malaysia, who are the co-chairs of the 10+3 for 2025, to present the cooperation outcomes achieved during the discussions [2].

Group 1 - The People's Bank of China (PBOC) Vice Governor Xuan Changneng attended and chaired the ASEAN+3 Finance and Central Bank Deputies' Meeting in Kuala Lumpur, Malaysia, on April 8-9, 2025 [1] - The meeting discussed the impact of U.S. tariff policies on global and regional macroeconomic conditions, the enhancement of the Chiang Mai Initiative Multilateralization (CMIM) mechanism, and the establishment of the ASEAN+3 Macroeconomic Research Office (AMRO) [1] - A consensus was reached on deepening regional policy coordination and strengthening the regional financial safety net, with a legal arrangement for RMB funding under the CMIM mechanism being unanimously approved [1] Group 2 - Xuan emphasized that in response to rising global uncertainties, the PBOC will implement a moderately accommodative monetary policy to support stable financial market operations and consolidate the economic recovery [1] - Bilateral discussions were held with South Korean and Singaporean officials regarding the impact of global uncertainties on their respective countries [1]