Page 180 - 《期货和衍生品行业监管动态》（2022年合集）
P. 180
期货和衍生品行业监管动态
Chiang Mai Initiative Multilateralisation (CMIM)
The COVID-19 pandemic, its economic impact, and the uncertainties
surrounding the global economy have highlighted the importance of further
strengthening the CMIM. In this regard, we welcome the adoption of a new reference
rate for CMIM liquidity support arrangements, which will align CMIM reference rate
with global financial market conventions. We also welcome the updated CMIM
Operational Guidelines (OG) on the use of each member’s own local currency for
CMIM arrangements, which took effect in January 2022. We appreciate members’
efforts in strengthening accessibility of CMIM arrangements, by allowing requesting
members to prepare medium term economic targets and policy plans with more
flexibility.
We are pleased with the progress made in further developing the CMIM OG to
enable a member to provide a local currency of another member (third-party local
currency), in addition to its own domestic currency, for CMIM liquidity support.
Going forward, we task the Deputies to continue discussing local currency procedural
arrangements, with a view towards finalizing the OG by the end of 2022.
We note the efforts undertaken to review the CMIM margin structure and task
the Deputies to continue the discussions with the aim of concluding the review by the
end of this year. This is an important step in improving CMIM’s accessibility and
reliability while ensuring that CMIM will be an effective financing option for
members in times of need. We commend members for adopting an indicative work
plan to discuss the CMIM medium- to long-term future direction and other related
issues in the context of the second periodic review, which is to be completed by 2024.
Hence, we task the Deputies, with AMRO’s support, to continue relevant discussions
on CMIM future direction.
We also welcome the successful completion of the 12th Test Run, which was
conducted in 2021. The test run assessed the eligibility of a requesting member to
access the facility, by using the Economic Review and Policy Dialogue (ERPD)
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