China Business Network (CBN) recently reported that the East Asia 10+3 Group (the Association of South East Asian Nations plus China, Japan, and Korea) will establish an organization to run the East Asian Foreign Exchange Reserve. The 10+3 Leaders Conference, held at the end of October, made it clear that this process needs to speed up. The new organization will be called the ASEAN+3 Macroeconomic Research Office (AMRO). The primary mission of AMRO includes: (1) studying regional economics, and (2) clarifying the mechanism behind the usage of the Foreign Exchange Reserve.
It has not yet been decided who will lead this new organization. There have been several rounds of negotiations on the ratio of shares that each of the parties should hold. The primary competition is between China and Japan. Singapore was selected to be site of AMRO’s physical location.
Source: China Business Network, November 17, 2010