There have been a range of responses to the surge in capital inflows, from outright intervention to the imposition of capital controls. The thinking behind the management of capital flows has shifted somewhat in the process.
We first signed an agreement with South Korea, then with some ASEAN countries and central Asian countries. Later on, the swap arrangements gradually expanded into other parts of the world, such as Argentina, Ukraine and Egypt. Therefore, currency swap arrangement is an unexpected outcome of the global financial crisis. China supports the further development of global safety net.