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On December 6, 2001, at a ceremony was held at the Great Hall of the People, Dai Xianglong, Governor of the People's Bank of China (PBC), and M. R. Pridiyathorn Devakula, Governor of the Bank of Thailand (BOT) signed the Bilateral Currency Swap Agreement. According to the agreement, the PBC shall make available a maximum of US$ 2 billion to the BOT when called for as a supplement to the international credit facilities to overcome Thailand's Balance of Payments difficulty and maintain financial stability. Since the 1997 financial crisis, Asian countries have been eager to strengthen regional financial cooperationin preventing and managing financial crisis and maintaining regional financial stability. In 1998, at China's suggestion, 10 ASEAN countries and China, Japan and Korea (called "10+3") set up a financial cooperation mechanism, aiming at strengthening the policy dialogue and establishing a credit facility. The ChiangMai Initiative which was adopted at the 10+3 Financial Ministers' Meeting in May 2000 was the first substantive measure in strengthening the financial cooperation. Its main content was to enlarge the size of the original ASEAN currency swap facility, while setting up a bilateral currency swap network among 10+3 nations, so as to help the member countries overcome short-term balance of payments difficulties and stabilize financial markets. The currency swap agreement between China and Thailand was the first of this kind under the ChiangMai Initiative. It was not only a fruit of the joint efforts by both sides in maintaining the regional financial stability, but also a reflection of China's commitment to actively participate in the regional cooperation, to help maintain financial stability of Thailand and of this region, as well as to promote the traditional friendship with Thailand. In the meantime, China is negotiating with Japan and Korea to finalize bilateral currency swap agreements. Other distinguished guests who attended the ceremony were: Jin Liqun, Deputy Minister of Finance of China, Guo Shuqing, Deputy Governor of the People's Bank of China and Director-General of the State Administration of Foreign Exchange (SAFE), Mr. Don Pramudwinai, Ambassador of Thailand to the PRC, and some other senior officials from both countries.