Seoul: South Korea, China, Japan, and the Association of Southeast Asian Nations (ASEAN) are set to convene a meeting of vice finance ministers and senior central bank officials in Hong Kong this week to deliberate on enhancing financial cooperation, as announced by Seoul's finance ministry on Tuesday. The ASEAN+3 Finance and Central Bank Deputies' Meeting is scheduled to take place over two days starting Wednesday, as reported by the Ministry of Economy and Finance.

According to Yonhap News Agency, South Korea will be represented by Deputy Finance Minister Choi Ji-young, who will serve as the chief delegate at this week's meeting. The agenda for the meeting includes discussions on advancing the Chiang Mai Initiative Multilateralization (CMIM), a $240 billion currency-swap arrangement created in 2010 to act as a financial safety net during economic crises.

Additionally, a planned trilateral meeting of vice finance ministers from South Korea, China, and Japan, which typically occurs alongside the ASEAN+3 gathering, has been canceled. It is customary for this trilateral meeting to coincide with the ASEAN+3 meetings. ASEAN is composed of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.