Because the money remains in the individual central banks, the CMIM is a set of promises not a fund.

ECONOMIST: Banyan

That helps explain another obstacle to use of the CMIM.

ECONOMIST: Banyan

Each CMIM country has access to the amount it has committed times a multiple (five for poor countries, 2.5 for the better-off ASEAN members, one for South Korea and 0.5 for China and Japan).

ECONOMIST: Banyan