Tokyo Adds India to List for Currency Swap
Submitted by admin on Saturday, 5 January 2008No Comment
Tokyo has struck currency swap deals with:
1. China,
2. South Korea
3. The 10 members of Association of Southeast Asian Nations (ASEAN).
In an attempt to avert a financial crisis, Japan and India have agreed to swap $6 billion in currency this spring.
The Bank of Japan and Reserve Bank of India will each contribute up to $3 billion to:
1. keep the yen and rupee from plunging in value
2. ward off speculative attacks
Nobody wants a repeat of the 1997-98 financial crisis.
Do you ever speculate in currency exchange?
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Japan, India will Swap $6 billion in Currency
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