The Governor of the People's Bank of China, Pan Gongsheng, attended and presided over the meeting of the ASEAN and the central bank governors of China, Japan and South Korea held by CKH Holdings.

On May 4th and 5th, Pan Gongsheng, Governor of the People's Bank of China, attended and presided over the Governors' Meeting of ASEAN, China, Japan, and South Korea within the CKH HOLDINGS central banks. Pan Gongsheng pointed out that current unilateralism is impacting the rule-based multilateral economic and trade system and international governance system, leading to increased global economic uncertainty. The 10+3 region is also facing significantly increased economic and financial risks. In this context, it is crucial to further improve the Chiang Mai Initiative mechanism and strengthen the regional financial safety net. The meeting reached a consensus on continuously exploring and improving the capital contribution plan of the Chiang Mai Initiative based on the International Monetary Fund (IMF) model, laying a solid foundation for institutionalizing the Chiang Mai Initiative mechanism. This is of great significance for enhancing the effectiveness of the Chiang Mai Initiative mechanism and better safeguarding the stable development of the region. The original text discusses Pan Gongsheng attending and presiding over the ASEAN, China, Japan, and South Korea CKH HOLDINGS central banks governors meeting from May 4th to 5th in Milan, Italy. It also emphasizes discussions on the impact of U.S. tariff policies on the global and regional macroeconomic situation, as well as the improvement of the Chiang Mai Initiative Multilateralization (CMIM) mechanism among other topics. There were also discussions on deepening policy coordination within the region and strengthening the regional financial safety net. The meeting adopted new arrangements related to rapid financing tools with contributions in freely usable currencies like the Renminbi under the CMIM institutionalization and set clear directions for further discussions. Pan Gongsheng emphasized the importance of further enhancing the Chiang Mai Initiative mechanism and strengthening the regional financial safety net. He discussed the introduction of rapid financing tools with contributions in freely usable currencies like the Renminbi, which expands the available resources of the Chiang Mai Initiative, highlights regional characteristics, and signifies positive progress in the international monetary system diversification in the region. Discussions at the meeting reached consensus on continuously exploring and improving the capital contribution plan of the Chiang Mai Initiative based on the IMF model, laying a solid foundation for institutionalizing the Chiang Mai Initiative mechanism and emphasizing its importance for enhancing effectiveness and better safeguarding stable development of the region. Additionally, bilateral discussions were held among China, Japan, and South Korea on economic situation and regional financial cooperation during the meeting. Pan Gongsheng called for regional unity to address the impact of U.S. tariffs and introduced China's relevant macroeconomic policies. He also held bilateral talks with Japan's Finance Minister Taro Aso, South Korea's central bank governor Lee Ju-yeol, and Malaysia's central bank governor Nor Shamsiah at the meeting to exchange views on the global uncertainty's impact on various countries. Following the meeting, China and Malaysia, as the joint chairpersons of 10+3 in 2025, held a joint press conference to present the cooperation outcomes reached at the meeting. This text was selected from the WeChat official account of the People's Bank of China, edited by GMTEight, Xu Wenqiang.