The Chiang Mai Initiative (CMI) is an initiative under the ASEAN+3 framework which aims for creation of a network of Bilateral Swap Arrangements (BSAs) among ASEAN+3 countries. After 1997 Asian Financial Crisis member countries started this initiative to manage regional short-term liquidity problems and to facilitate the work of other international financial arrangements and organizations like IMF.

In May 2007, at the 10th meeting of ASEAN+3 Finance Ministers the CMI further progress was agreed upon.

In February 2009, ASEAN+3 agreed to make the fund worth $120 billion, up from the original level of $80 billion proposed in 2008. Final agreement was expected to come in May 2009, and 80% of the fund is expected to come from China, Japan, and South Korea.