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In 2009, 16 bilateral swap arrangements have been concluded with a combined quantity of about US$35.5 billion. The ASA preceded the 1997 Asian financial crisis and was originally established by the financial authorities of the 5 founding member states to assist meet momentary liquidity problems. The ASA now consists of all ten member states with an expanded facility of US$1 billion. In recognition of the financial interdependence of East Asia, which has combined overseas trade reserves amounting to about US$1 trillion, a community of bilateral swap arrangements and repurchase agreements among the ASEAN Plus Three has been agreed upon. The CMI was signed on 9 December 2009 and took impact on 20 March 2014 whereas the amended model, the multilateralisation of CMI , was on 17 July 201 The supplementary facility aims to supply momentary financing for member states with balance-of-payments difficulties.

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