ASEAN, China, Japan, and South Korea – collectively ASEAN+3 – announced earlier this month that they are considering adding local currencies to the dollar-denominated regional currency swap arrangement. Seoul has played a key role in formulating and improving the regional currency swap arrangement. Other scholars, such as Kaewkamol Pitakdumrongkit from RSIS, pointed out that South Korea is seen as an impartial actor without the geopolitical aspirations of Japan and China.